Pete Miller to Become Executive Chairman of New Distribution Company
Houston, TX USA – National Oilwell Varco, Inc. (NYSE: NOV) announced today that Chairman and Chief Executive Officer Merrill A. "Pete" Miller, Jr. has informed the Board of Directors that he intends to step down from those positions contemporaneous with the completion of the previously announced plan to spin off to its shareholders its Distribution Business as an independent, publicly traded company. Mr. Miller will become the Executive Chairman of that publicly traded distribution company on the effective date of the spinoff.
Pete Miller joined National Oilwell in 1996, and after holding various executive positions, has served as President, Chief Executive Officer and Chairman since 2001. Mr. Miller came to the company with broad industry experience, having previously served as Vice President of U.S. Operations for Helmerich & Payne International Drilling Co. and as President of Anadarko Drilling Company. Mr. Miller received an MBA from Harvard Business School and an engineering degree from the U.S. Military Academy.
Greg Armstrong, Lead Director of National Oilwell Varco’s Board of Directors, remarked, “Although we will all miss Pete and his impressive contribution to the company's success, we are pleased and excited that Pete will continue to serve NOV's shareholders as Executive Chairman of the planned distribution spinoff."
Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOW Inc. with the Securities and Exchange Commission, including Form 10, which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
Adapted from a National Oilwell Varco press release