THE WOODLANDS, Texas, May 3, 2019 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (TTI) announced that the previously reported appointment of Brady M. Murphy, as Chief Executive Officer of the Company became effective today, following the previously announced retirement of Stuart. M. Brightman from his position as Chief Executive Officer. Mr. Murphy was previously TETRA's President and Chief Operating Officer and will retain the role of President.
William D. Sullivan, Chairman of the Board of TETRA, said, "The Board is pleased to have Brady elevated from his current positions to be TETRA's Chief Executive Officer. Since joining TETRA in February of 2018, Brady has demonstrated the vision, leadership, market knowledge and operational knowhow to keep TETRA progressing in a direction that will enhance shareholder value and deliver cost effective and technologically creative solutions to our customers. The Board, management team and all our employees thank Stu for his 14 years of dedicated service to TETRA and CSI Compressco. Stu's leadership was key in re-positioning TETRA with the divestitures of Maritech and the Offshore Services segment and evolving our fluids, water management and compression segments, which allowed us to operate through the recent downturn, each year generating positive adjusted EBITDA and free cash flow. The onboarding of Brady and the transition from Stu to Brady has been smooth and consistent with what Stu and the board worked to achieve. We wish Stu and his wife, Randi, all the best in retirement."
Mr. Murphy said, "I look forward to continue to further evolve TETRA to create value for our employees and shareholders. We have great employees and three strong business segments that are well positioned in their respective markets. I and the organization will be focused on having all of our employees operate in a safe work environment, continue to create innovative and cost-effective solutions for our customers, and further evolve our Company while creating value to our shareholders."
Mr. Brightman was re-elected today to TETRA's Board of Directors for an additional one-year term through May 2020. Mr. Brightman will continue as a non-executive employee and will be available to support the board and management team in such capacity.
Mr. Murphy was also named Chairman of the Board of Directors of CSI Compressco GP Inc. ("CCGP"), the general partner of CSI Compressco LP (CCLP), a partially owned subsidiary of TETRA, replacing Mr. Brightman following his retirement. Mr. Murphy has been a member of the CCGP Board since February 21, 2018.
TETRA is a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback, production well testing, and compression services and equipment. TETRA owns an equity interest, including all of the general partner interest, in CSI Compressco LP (CCLP), a master limited partnership. Visit the Company's website at www.tetratec.com.
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