McJunkin Red Man names new CEO
Industrial Distribution staff -- Industrial Distribution, 9/11/2008 8:37:00 AM
McJunkin Red Man Corp. named Andrew Lane, former COO of Halliburton Co., as its new CEO effective immediately, the Charleston Daily Mail (W.Va.) reported.The company, ranked sixth on INDUSTRIAL DISTRIBUTION's 2008 Big 50 list of distributors following the “merger of equals” of McJunkin Corp. and Red Man Pipe & Supply Co. last year, maintains dual headquarters at Red Man’s Tulsa, Okla., base and at McJunkin’s base in Charleston.
Prior to the merger, former McJunkin CEO H.B. "Bernie" Wehrle III and former Red Man CEO Craig Ketchum shared the helm at MRM as co-presidents and co-CEOs. Ketchum became sole president and CEO in May, with Wehrle serving as chairman of MRM’s corporate parent, PVF Holdings Limited Liability Co.
The hiring of Lane, whom spokeswoman Beth Morrison told the newspaper will be based in Tulsa, leaves Wehrle in that slot and Ketchum as chairman of McJunkin Red Man Holding Corp.
McJunkin Red Man, which employs roughly 3,484 workers, posted sales of $4 billion last year.
“We feel that Mr. Lane's experience with Halliburton and the oil field services business, his experience with global operations and with merger and acquisition integration, will help us continue our growth to the next level,” Morrison told the newspaper.
“We are excited to have Andrew join us as chief executive officer as we head towards the next stage of our business. I am pleased to see Andrew come on board. His two decades of experience at Halliburton will no doubt be valuable as we look to expand within North America and globally,” Ketchum added in a statement.
MRM announced plans in August to offer $750 million worth of its stock for sale to the public but has not yet made the IPO.
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