National Oilwell Varco Announces Name and Certain Management Team Members of
Its Distribution Spinoff Company
HOUSTON -- November 25, 2013
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 proposed plan to spin off
to its shareholders its Distribution Business. The proposed publicly traded
distribution business intends to operate under the name DistributionNOW.
The Company also announced the names of certain members of the Executive
Management team for this company. 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 & 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 & Finance.
Mr. Cherechinsky has served as Vice President – Finance for the Distribution
business group since 2003, and as Vice President – Finance for the Company’s
Distribution & Transmission business segment since 2011. He previously served
the Company 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.”
National Oilwell Varco also announced that it intends to promote Mr. Trevor
Martin to the position of Treasurer on the effective date of the spinoff, to
fill the position that will be left vacant by the departure of Mr. Molinaro.
Trevor Martin started with National Oilwell Varco as an internal auditor in
July 2004. He joined the Treasury Department in June 2007, as Treasury
Manager, and was promoted to his current position of Assistant Treasurer in
National Oilwell Varco is a worldwide leader in the design, manufacture and
sale of equipment and components used in oil and gas drilling and production
operations, the provision of oilfield services, and supply chain integration
services to the upstream oil and gas industry.
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 actual future
events or results. Readers are referred to documents filed by National Oilwell
Varco with the Securities and Exchange Commission, including the Annual Report
on Form 10-K, which identify significant risk factors which could cause actual
results to differ from those contained in the forward-looking statements.
National Oilwell Varco, Inc.
Jeremy Thigpen, (713) 346-7301
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