The CEOs of oilfield service provider National Oilwell Varco (NOV) Inc. and drilling contractor Ensco Plc announced this week that they would step down from their respective roles at each company.
NOV Chairman and Chief Executive Officer Merrill A. “Pete” Miller Jr. will resign from his roles at NOV as the company’s previously announced plan to spin off its distribution business to shareholders is completed.
Miller will take the reins as executive chairman of the publicly traded distribution company on the spinoff’s effective date. In September, Houston-based oilfield service provider NOV announced it would spin off its distribution business from the rest of NOV, creating two standalone, publicly traded corporations. The spinoff is expected to be completed in the first half of 2014, NOV said in a Sept. 24 press release.
“Although we will all miss Pete and his impressive contribution to the company’s success, we are pleased and excited that Pete will continue to serve NOV’s shareholders as executive chairman of the planned distribution spinoff,” said Greg Armstrong, lead director of NOV’s board of directors, in a press release Thursday.
Miller joined National Oilwell in 1996, serving in various executive positions. He has served as president, chief executive officer and chairman since 2001. Miller previously served as vice president of U.S. operations for Helmerich & Payne International Drilling Co. and president of Anadarko Drilling Company.
Clay Williams will succeed Miller as chairman and chief executive officer, and has been named to NOV’s board of directors, the company reported. Williams has served as NOV’s president and chief operating officer since December 2012 and previously served as the company’s executive vice president and chief financial officer.
Williams also served as Varco’s vice president and chief financial officer from January 2003 until its merger with National Oilwell March 11, 2005, NOV reported in a statement.
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