Flotek Industries announced that Jerry Dumas, Chairman, President and Chief Executive Officer, has announced his plans to retire from Flotek in 2010. John Chisholm, currently a director of Flotek, has been appointed to serve as interim President while the company conducts the search for a new CEO.
"The recently announced equity raise and amendment to our bank credit agreement put Flotek on solid financial ground going forward," Dumas stated. "I am confident that we now have the financial resources needed to weather the current industry slowdown, and believe Flotek is well positioned to move forward as our industry recovers."
Dumas added, "I've spent the last 11 years building Flotek, and with the Company's financial position once again solidified, it is time for transition in management. I look forward to assisting in the search for my successor to position Flotek for many more years of growth and success."
John Chisholm, interim President of Flotek, added "Jerry Dumas deserves much of the credit for building Flotek into a leading innovator in oilfield technology and has done a tremendous job of now positioning Flotek for the future. Jerry's leadership and vision will be missed, yet with his help the Board looks forward to finding a successor who will take the Company to the next level."
Flotek has entered into a retirement agreement with Jerry Dumas, Flotek's Chairman of the Board and Chief Executive Officer. Under the retirement agreement, Mr. Dumas will remain as Chairman of the Board through Flotek's 2010 annual stockholders meeting, will remain as an employee of Flotek through June 30, 2010, and will remain as Chief Executive Officer until the sooner of January 1, 2010 or until his successor is appointed, and Mr. Dumas has agreed to assist in the transition of his duties to his successor.
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