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On Monday, Flotek (NYSE: FTK ) announced that its chief accounting officer, Johnna Kokenge, is leaving the company "to pursue other professional interests." To replace Kokenge, the company is bringing on Richard Walton -- currently a financial reporting consultant for the company -- as its new chief financial officer.
In a filing with the SEC, separate from its public press release, Flotek advised that it will pay Kokenge a $522,930 severance, as well as 44,060 shares of company stock due her under the terms of the company's 2012 Performance Unit Plan. Flotek will also be keeping Kokenge on as an independent contractor and consultant through Aug. 31, paying her a monthly consulting fee of $24,000.
Flotek shares fell 2.4% in response to the news, closing at $13.30 Monday.