Today, National Oilwell Varco (NYSE:NOV) announced Merrill A. "Pete" Miller, Jr., the CEO and chairman of the oil and gasoline equipment company, will be stepping down. This follows the successful completion of the spinoff plan of its distribution business into a separate publicly traded entity. Miller will assume the role of executive chairman of that company following the spinoff. He joined National Oilwell Varco in 1996, and has been its chairman and CEO since 2001.
National Oilwell Varco announced it would be spinning off its distribution in September of this year, and it anticipated the move to be completed within the first half of next year. That company will, in turn, operate in the global energy and industrial markets by providing maintenance, repair, and operating supplies. In the announcement of the spinoff, Miller noted, "As separate companies, the distribution business and the remainder of NOV will each be better positioned and have the enhanced operational flexibility to focus on their specific products, services and customers."
As a result of Miller stepping down, the board of directors announced that Clay Williams will be the next CEO. He has been the chief operating officer since December 2012 and previously served as the chief financial officer.
"Pete has given National Oilwell Varco, its employees, and its shareholders, over 12 years of truly exceptional leadership," said the lead director of National Oilwell Varco's board, Greg Armstrong. "Under that leadership NOV's revenues, net income and market capitalization increased over 1000%, 2200% and 1100%, respectively."
"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," added Miller. "The Board of Directors has made an excellent choice, and I am confident that Clay's leadership will greatly benefit everyone for many years to come."