Boston, MA 06/02/2014 (wallstreetpr) – On May 30, 2014 National-Oilwell Varco, Inc. (NYSE:NOV) reported that it has concluded the spin-off to its shareholders of its distribution business as an autonomous public corporation, named NOW Inc (NYSE:DNOW).
The Spin Off Demonstrate The Company’s Commitment:
The Chief Executive Officer and Chairman of the company, Clay C. Williams mentioned that such a stride exhibits NOV’s dedication to deliver long-term value to its stakeholders. The CEO added that with its sturdy management team, NOW is well-prepared to become a prosperous independent company.
The common stock of NOW was scheduled to start its regular trading from June 2, 2014 on the NYSE under its logo ‘’DNOW”.
Merrill A. ‘Pete’ Miller, Jr. Has stepped down as NOV’s Executive Chairman:
National Oilwell Varco on the same day also publicized the fact that Merrill A. ‘Pete’ Miller, Jr. has departed from the role of the company’s executive chairman. Pete will now be holding the position of the executive chairman of NOW Inc. Moreover, National-Oilwell Varco, Inc. (NYSE:NOV)’s CEO has been chosen chairman of the company’s BOD (Board of Directors). William’s new position will be in effect very soon. William has previously served as an important member of the company’s Board of Directors since November 2013. In addition, he has also been serving the part of the company’s CEO and President since February, 2014.
Clay C. Williams, The CEO And Chairman Commented:
The CEO remarked his views stating that he would prefer to thank Pete personally for his years of exceptional service and commitment to National-Oilwell Varco, Inc. (NYSE:NOV). Pete has contributed a lot to the company and its workforce for more than 12 years of extraordinary leadership. During that time, Pete has also supervised nearly unparalleled corporate growth. The company would all miss Pete and, therefore, wished him and his family wholeheartedly.
National-Oilwell Varco, Inc. (NYSE:NOV) is a global leading company in the design, production and sale of components and equipments necessary for oil and gas drilling as well as production operation.
