There's a new man occupying the CEO's desk at National Oilwell Varco (NOV -1.82%). 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.