HOUSTON, March 22, 2018 /PRNewswire/ -- Flotek Industries, Inc. (FTK) announces changes among its executive leadership team to further optimize the Company as an asset-light, specialty chemistry technology organization.
Matthew Marietta has been promoted to Executive Vice President of Finance & Corporate Development and will serve as the Company's principal financial officer. His responsibilities include overseeing the Company's financial strategy, mergers & acquisitions and general corporate development functions, including ongoing cost initiatives. Additionally, his role will assist the sales organization in business development and the accounting department in enhancing accounting functions and financial reporting. Matt joined Flotek in March 2017 and previously served as Senior Vice President of Corporate Development and Investor Relations.
Prior to joining Flotek, Mr. Marietta was a publishing sell-side analyst for Stephens, Inc. for, where he covered Flotek and oilfield services companies, as well as played a key role in the Investment Banks' successful relaunching of its public energy coverage. His experience includes finance, accounting and strategic planning roles at Exterran, Forestar Group and XTO Energy. Mr. Marietta graduated from Texas Christian University and holds a degree in Finance.
"Matt has brought tremendous value to Flotek since joining approximately a year ago, contributing positively to the organization in his role and well beyond. He, along with the reshaped leadership team, has been critical to the significant transformation Flotek embarked on and completed in the past year," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "He has initiated new financial and SG&A cost reduction strategies that continue to improve our fixed cost structure and benefit our organization and shareholders going forward. He is an innovative leader, and in his expanded role, he will continue to influence the Company's strategic and financial decisions, our employees, shareholders and clients."
H. Richard Walton will assume the responsibilities of Chief Accounting Officer, overseeing the Company's financial reporting, tax compliance, internal controls and compliance with generally accepted accounting principles (GAAP), as well as working with external auditors. Mr. Walton has been with the Company since 2013, serving as Chief Financial Officer.
Prior to joining Flotek, Rich spent his entire 30-year career in public accounting, including 20 years as an audit partner at KPMG LLP. His experience includes financial statement audits and registration of securities with the SEC. Following his retirement from KPMG in 2003, Rich served as a consultant to public companies, including Flotek since 2010. Rich is a certified public accountant and has served as an officer in the United States Army. He holds a Bachelor's degree from Westminster College in Economics and Business Administration.
"For more than five years, Rich has been a steady and consistent accounting-focused leader at Flotek, providing enhanced discipline of the Company's accounting and financial functions," said Chisholm. "The Company and our shareholders will continue to benefit from his multi-decade experience in public accounting to maintain ongoing excellence in our financial reporting and accounting operations."
Sally Cheadle will continue to serve as Vice President and Corporate Controller where she is directly responsible for external and internal financial reporting, as well as ensuring compliance with internal controls. Ms. Cheadle joined Flotek in 2017, following a nearly 25-year career at Baker Hughes, where she was a senior accounting and controls executive. A certified public accountant, her experience in finance spans financial reporting, analysis and budgeting, international accounting, internal controls and governance and external and internal auditing.
Flotek also announced that Board of Directors Carla Schulz Hardy and John S. Reiland will complete their terms as of the Company's 2018 Annual Meeting of Stockholders on April 27, 2018. With these two transitions, Flotek's board will temporarily decrease in size to six returning directors as it continues a search process to identify candidates who will add long-term value to Flotek's strategic plan.
During the second quarter of 2017, following the divestiture of the Flotek's non-core business units and in conjunction with the realignment of the Company's leadership team, the board initiated a corporate governance refreshment process. As such, the board engaged a third party to conduct a thorough process to identify new board member skills.
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Flotek's inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For additional information, please visit Flotek's web site at www.flotekind.com.
Certain statements set forth in this Press Release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
Although forward-looking statements in this Press Release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Company's ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10-K (including without limitation in the "Risk Factors" Section), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Press Release.