HOUSTON — NOW Inc., which does business as DistributionNOW, announced Thursday that executive chairman and chairman of the board of directors Merrill A. “Pete” Miller, Jr. has informed the NOW Board that he intends to retire from the company effective Oct.1.
In conjunction with Miller’s upcoming retirement, Miller has stepped down as chairman of the board and the NOW board has appointed J. Wayne Richards as the new chairman. Richards previously served as independent lead director of the company. Miller will continue to serve as executive chairman and a director of DistributionNOW until the date of his retirement.
Pete Miller has been executive chairman and chairman of the board of directors of NOW Inc. since May 2014, when the company was spun off from National Oilwell Varco. Miller previously served as president, chief executive officer and chairman of the board of National Oilwell Varco.
"Pete has given DistributionNOW, its employees, and its shareholders, over three years of great leadership," said J. Wayne Richards, lead director of NOW Inc.'s board and president and CEO of GR Energy Services. "Although we will all miss Pete, we are excited for him as he embarks on his well-deserved retirement."
Richards has been a director of the company since May 2014. He has served as president and CEO of GR Energy Services — an oilfield products and services company focused primarily on onshore production and downhole completion services in North America — since 2013. Previously, he was president and CEO of Global Oilfield Services — a privately held oilfield products and services company focused on the artificial lift sector — from 2008 until 2011 when it was purchased by Halliburton.
"I want to thank all the terrific employees of DistributionNOW for your hard work and dedication to the company," Miller stated. "We have weathered one of the worst downturns in the industry and I believe the worst is behind us. I am so proud of what has been accomplished during such difficult times, and I am extremely excited to envision all of the amazing things DistributionNOW will be able to do in the future. While I am very saddened to leave this wonderful company, I am pleased the Board has selected Wayne as Chairman. I am confident he, Robert and the management team will provide strong leadership for the bright future in store for DNOW.”
"Pete has been an incredible leader, mentor and friend to me," added NOW Inc. president and CEO Robert Workman. "We all here at DistributionNOW are grateful to Pete for his years of leadership and for joining us when we spun from NOV. I personally wish him nothing but the best as he begins to enjoy retired life. I am truly excited about the future of DistributionNOW and have confidence in our best in class employees that we will steer this company in the right direction for years to come."
