National Oilwell Varco Announces Name and Management Team of New Distribution Company
Houston, TX USA – National Oilwell Varco, Inc. (NYSE: NOV) announced that it has formed a new Delaware corporation, NOW Inc., to eventually serve as the independent, publicly traded company for its previously announced plan to spin off NOV’s Distribution Business to its shareholders. The proposed publicly traded distribution business intends to operate under the name DistributionNOW.
The names of certain members of the Executive Management team for this company were also announced. On the effective date of the spinoff, Mr. Robert Workman will become the Chief Executive Officer of the publicly traded distribution company, Mr. Daniel Molinaro will become its Chief Financial Officer, and Mr. David Cherechinsky will become its Chief Accounting Officer.
Mr. Workman started with National Oilwell Varco in 1991, and has held various managerial positions with the distribution business group since his start. He has served as President – Distribution Services since January 2001. He also serves as the Chairman of the Petroleum Equipment Suppliers Association and a member of the IPAA, IADC, and API.
Mr. Molinaro is Vice President and Treasurer of National Oilwell Varco and has served as Treasurer since 1987. Prior to joining the company, Dan was Comptroller of the Oilwell Division of USX Corporation in Dallas, Texas. He started with U.S. Steel Corporation (USX) in 1968, and has held various managerial positions in Auditing, Accounting, and Finance.
Mr. Cherechinsky has served as Vice President - Finance for the Distribution business group since 2003, and as Vice President - Finance for the NOV’s Distribution & Transmission business segment since 2011. He previously served NOV starting in 1989 in various corporate roles including internal auditor, credit management, and business analyst. He has an MBA and is a CPA.
National Oilwell Varco previously announced that Mr. Merrill A. “Pete” Miller, Jr. will become the Executive Chairman of that publicly traded distribution company on the effective date of the spinoff.
Mr. Miller remarked, “I’m very excited by the prospect of Robert, Dan, and Dave assuming key roles in management of this new distribution company. They have incredible depth and industry experience, which will enable our new company to grow and move forward successfully.”
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