National Oilwell Varco, Inc. announced that Chairman and Chief Executive Officer Merrill A. 'Pete' Miller, Jr. has informed the Board of Directors that he intends to step down from those positions contemporaneous with the completion of the previously announced plan to spin off to its shareholders its Distribution Business as an independent, publicly traded company. Mr. Miller will become the Executive Chairman of that publicly traded distribution company on the effective date of the spinoff.
The National Oilwell Varco Board of Directors announced that Clay Williams has been appointed to the Board of Directors and that it plans for Mr. Williams to succeed Mr. Miller as the company's Chairman and Chief Executive Officer. Mr. Williams has served as the company's President and Chief Operating Officer since December 2012 and previously served as the Company's Executive Vice President and Chief Financial Officer. He served as Varco's Vice President and Chief Financial Officer from January 2003 until its merger with the Company on March 11, 2005.