NOV, Ensco CEOs to Resign

Armstrong noted that Williams had played “a significant role” in the company’s growth over the years and is well-positioned to lead the company into the future.

NOV decided to move forward with the spin-off after determining the business had the market size and scale to operate as a standalone, world-class, distribution company, the company said in the Sept. 24 press release. The new company would provide maintenance, repair and operating supplies to the global energy and industrial markets, and would be positioned for continued profitable growth.

 The distribution business as a separate company would have more than 415 locations and operations in 26 countries, representing approximately 85 percent of the revenue of NOV’s distribution and transmission segment for the six months ending June 30.

“We believe that the contemplated spin-off is very consistent with NOV’s strategy and commitment to continue to grow the company and create significant shareholder value,” said Miller in a Sept. 24 statement. “As separate companies, the distribution business and the remainder of NOV will each be better positioned and have the enhanced operational flexibility to focus on their specific products, services and customers.”

On Wednesday, Ensco announced its Chairman, President and CEO Dan Rabun would retire from the company.

Rabun, who served in his roles at Ensco for nearly eight years, will remain until Ensco’s board of directors has named a new CEO and the succession process completed. Rabun will remain chairman through at least the 2014 Annual General Meeting to assist with the new CEO’s transition.

Rabun’s retirement as CEO from the London-based drilling contractor has been part of the Ensco board of director succession planning process for over a year.