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National Oilwell Varco Names New CEO

There's a new man occupying the CEO's desk at National Oilwell Varco (NYSE: NOV  ) . The company has tapped its current president, Clay Williams, to be chief executive, replacing the outgoing Pete Miller. The appointment is effective immediately.

Miller will remain in his other position of executive chairman of the company's board. He will vacate this post once the planned spinoff of National Oilwell Varco's distribution assets is completed. When that occurs, he will serve in the same position in the new company.

Before his appointment as CEO, Williams was National Oilwell Varco's chief operating officer in addition to being president. Before that, he was its chief financial officer and executive vice president.

The company also declared its latest quarterly dividend. It will distribute $0.26 per share of common stock on March 28 to shareholders of record as of March 14. That amount matches each of the company's preceding three payouts. 

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  • Report this Comment On March 10, 2014, at 8:40 PM, grantrick wrote:

    Ironic twist, given that MF just featured Mr. Miller as a special guest to its rotation membership meeting recently. Even more ironic is the reference to "M&A" being the #1 growth strategy for the company... seems to have lost its luster?

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Eric Volkman

Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.

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8/28/2015 4:02 PM
NOV $41.65 Up +0.29 +0.70%
National Oilwell V… CAPS Rating: *****