National Oilwell Varco, Inc. announced that Chairman and Chief Executive Officer Merrill A. Pete Miller, Jr. has informed the Board of Directors that he intends to step down from those positions contemporaneous with the completion of the previously announced plan to spin off to its shareholders its Distribution Business as an independent, publicly traded company. Mr. Miller will become the Executive Chairman of that publicly traded distribution company on the effective date of the spinoff.
The National Oilwell Varco Board of Directors announced that Clay Williams has been appointed to the Board of Directors and that it plans for Mr. Williams to succeed Mr. Miller as the companys Chairman and Chief Executive Officer. Mr. Williams has served as the companys President and Chief Operating Officer since December 2012 and previously served as the Companys Executive Vice President and Chief Financial Officer. He served as Varcos Vice President and Chief Financial Officer from January 2003 until its merger with the Company on March 11, 2005.
Pete Miller joined National Oilwell in 1996, and after holding various executive positions, has served as President, Chief Executive Officer and Chairman since 2001. Mr. Miller came to the company with broad industry experience, having previously served as Vice President of U.S. Operations for Helmerich & Payne International Drilling Co. and as President of Anadarko Drilling Company. Mr. Miller received an MBA from Harvard Business School and an engineering degree from the U.S. Military Academy.
Greg Armstrong, Lead Director of National Oilwell Varcos Board of Directors, remarked, Pete has given National Oilwell Varco, its employees, and its shareholders, over 12 years of truly exceptional leadership. Under that leadership NOVs revenues, net income and market capitalization increased over 1000%, 2200% and 1100%, respectively.
Although we will all miss Pete and his impressive contribution to the companys success, we are pleased and excited that Pete will continue to serve NOVs shareholders as Executive Chairman of the planned distribution spinoff. We also share Petes enthusiasm and confidence in Clays leadership capabilities. Clay has played a significant role in the companys growth over the years and is well positioned to lead the company into the future.
Pete Miller stated, I want to thank all the employees of National Oilwell Varco around the world. Without their tireless hard work and effort, this company would not be what it is today. I am confident that with Clay, NOV has the right leadership for the future. The Board of Directors has made an excellent choice, and I am confident that Clays leadership will greatly benefit everyone for many years to come.
Clay Williams remarked that "Pete has built an extraordinary company. He has been a wonderful leader, example, mentor and friend to me, and all of us at National Oilwell Varco are grateful to Pete for his vision and entrepreneurship. We are excited about the opportunities he will pursue for our new independent Distribution Business. I am humbled and excited about the opportunity to follow in his footsteps and build on the great foundation he has laid for this industry-leading franchise.
