By Ben Fox Rubin
National Oilwell Varco Inc. (NOV) named Robert Workman as the new chief executive of its soon-to-be spun-off distribution company, which will be called DistributionNOW.
The company in September said it would pursue a spinoff of the distribution unit, creating two publicly traded companies that would be better positioned to focus on their specific products and services. National Oilwell CEO Merrill A. "Pete" Miller Jr. plans to step down from National Oilwell when the spinoff is completed to become the new company's executive chairman.
Mr. Workman started with National Oilwell in 1991 and has held various managerial positions with the distribution business group.
On the day of the spinoff, Daniel Molinaro, National Oilwell's treasurer since 1987, will become chief financial officer of the distribution company and David Cherechinsky, a vice president in the distribution business group since 2003, will become the new company's chief accounting officer.
Trevor Martin, National Oilwell's assistant treasurer, will replace Mr. Molinaro as treasurer.
As a separate company, the distribution business will have more than 415 locations and operations in 26 countries, representing about 85% of the revenue of National Oilwell Varco's distribution and transmission segment for the six months ended June 30.
National Oilwell Varco's bottom line has been pressured by what it has called softness in the North American market, but all three of its segments--rig technology, petroleum services and supplies, and distribution and transmission--posted revenue gains in its most recent period.
Shares closed Friday at $83.66 and were inactive premarket. The stock is up 22% so far this year.
Write to Ben Fox Rubin at email@example.com
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(END) Dow Jones Newswires
November 25, 2013 07:39 ET (12:39 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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