HOUSTON (dpa-AFX) - National Oilwell Varco, Inc. (NOV) Monday said it has formed a new Delaware corporation, NOW Inc., to eventually serve as the independent, publicly traded company for its previously announced proposed plan to spin off to its shareholders its Distribution Business.
The proposed publicly traded distribution business intends to operate under the name DistributionNOW.
The company also announced the names of certain members of the Executive Management team for this company.
On the effective date of the spinoff, Robert Workman will become the Chief Executive Officer of the publicly traded distribution company, Daniel Molinaro will become its Chief Financial Officer and David Cherechinsky its Chief Accounting Officer.
Workman started with National Oilwell Varco in 1991, and has held various managerial positions with the distribution business group since his start.
Molinaro is Vice President & Treasurer of National Oilwell Varco and has served as Treasurer since 1987.
Cherechinsky has served as Vice President - Finance for the Distribution business group since 2003, and as Vice President - Finance for the company's Distribution & Transmission business segment since 2011.
National Oilwell Varco had previously announced that Merrill Miller, Jr. would become the Executive Chairman of that publicly traded distribution company on the effective date of the spinoff.
The firm also announced that it plans to promote Trevor Martin to the position of Treasurer on the effective date of the spinoff, to fill the position that would be left vacant by the departure of Molinaro.
Copyright RTT News/dpa-AFX