Exterran Announces Management Teams for Post-Separation SpinCo and RemainCo
10 June 2015 - 7:08AM
Business Wire
- Andrew Way to join Exterran Holdings
and is expected to be appointed CEO of “SpinCo” at conclusion of
separation transaction
- Brad Childers will be President and CEO
of “RemainCo”
- Future CFO and board chairman
assignments announced
Exterran Holdings, Inc. (NYSE:EXH) today announced that
Andrew Way will join the company on July 1, 2015 and, upon
completion of the previously announced separation of Exterran’s
international services and global oil and gas infrastructure
product sales businesses into a standalone, publicly traded company
(“SpinCo”), Way is expected to be appointed President and Chief
Executive Officer (CEO) of SpinCo. Way is currently CEO of Drilling
and Surface at GE Oil & Gas, where he leads its drilling and
surface production business. The separation is expected to be
completed in the third quarter 2015.
“Andrew has demonstrated an exceptional depth of energy industry
leadership experience and a track record of impressive profit and
revenue growth during his career with GE,” said Mark Sotir,
Executive Chairman of Exterran’s Board of Directors. “I am looking
forward to working with Andrew as we continue to focus on growth
and profitability and develop competitive solutions that will
create value for our customers.”
Way started his GE career in 1996 in the supply chain and
operations organizations of GE Aircraft Engines. He held roles of
increasing responsibility before moving to GE Capital in 2001 and
later served as the managing director of GE Equipment Services. In
October 2007, he joined the GE Oil & Gas business in Florence,
Italy, leading Service Operations and serving as its Global Supply
Chain & Manufacturing leader. In 2010 he was promoted to a GE
Company Officer and became a vice president leading the Turbo
Machinery Global Services business.
Additionally, Exterran announced that Jon Biro, currently
Senior Vice President and Chief Financial Officer (CFO) of Exterran
Holdings, will become CFO of “SpinCo” upon completion of the
separation.
RemainCo Management
The company also announced that Exterran’s President and CEO,
Brad Childers, will be the President and CEO of Exterran
Holdings (“RemainCo”), which will be a pure-play U.S. compression
services business, upon completion of the separation.
David Miller, currently Senior Vice President and CFO of
Exterran Partners, L.P. (NASDAQ:EXLP), will become CFO of
“RemainCo” upon closing of the transaction. He will also remain the
CFO of Exterran Partners.
Board Chair Assignments
Exterran also announced that Mark Sotir, Executive
Chairman of the Exterran Holdings Board of Directors, is expected
to resign from the Exterran board at the time of the separation in
order to become Executive Chairman of the new publicly traded
company, “SpinCo.”
Gordon Hall, Vice Chairman of the Exterran Holdings Board
of Directors and a director of Exterran and its predecessor since
2002, will become Chairman of “RemainCo” upon closing.
About Exterran Holdings
Exterran Holdings, Inc. is a global market leader in
full-service natural gas compression and a premier provider of
operations, maintenance, service and equipment for oil and gas
production, processing and transportation applications. Exterran
Holdings serves customers across the energy spectrum – from
producers to transporters to processors to storage owners.
Headquartered in Houston, Texas, Exterran has more than 10,000
employees and operates in approximately 30 countries. Exterran
Holdings owns an equity interest, including all of the general
partner interest, in Exterran Partners, L.P. (NASDAQ: EXLP), a
master limited partnership, the leading provider of natural gas
contract compression services to customers throughout the United
States. For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made
regarding the subjects of this release) other than historical facts
are forward-looking statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors, many of which are outside Exterran
Holdings’ control, which could cause actual results to differ
materially from such statements. Forward-looking information
includes, but is not limited to: Exterran Holdings’ financial and
operational strategies and ability to successfully effect those
strategies; Exterran Holdings’ plan to conduct a separation of
certain of its businesses, the possibility that the proposed
transaction will be consummated, the timing of its consummation;
the expected benefits from the proposed transaction and the
expected President and CEO, CFO and Chairman of the Board of each
of SpinCo and RemainCo; Exterran Holdings’ expectations regarding
future economic and market conditions; Exterran Holdings’ financial
and operational outlook and ability to fulfill that outlook; and
demand for Exterran Holdings’ products and services and growth
opportunities for those products and services.
While Exterran Holdings believes that the assumptions concerning
future events are reasonable, it cautions that there are inherent
difficulties in predicting certain important factors that could
impact the future performance or results of its business. Among the
factors that could cause results to differ materially from those
indicated by such forward-looking statements are: local, regional,
national and international economic conditions and the impact they
may have on Exterran Holdings and its customers; changes in tax
laws that impact master limited partnerships; conditions in the oil
and gas industry, including a sustained decrease in the level of
supply or demand for oil or natural gas or a sustained decrease in
the price of oil or natural gas; delays, costs and difficulties
that could impact the completion and expected results of the
proposed separation transaction; Exterran Holdings’ ability to
timely and cost-effectively execute larger projects; changes in
political or economic conditions in key operating markets,
including international markets; any non-performance by third
parties of their contractual obligations; changes in safety,
health, environmental and other regulations; and the performance of
Exterran Partners.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and
uncertainties described in Exterran Holdings’ Annual Report on Form
10-K for the year ended December 31, 2014, and those set forth from
time to time in Exterran Holdings’ filings with the Securities and
Exchange Commission, which are available at www.exterran.com.
Except as required by law, Exterran Holdings expressly disclaims
any intention or obligation to revise or update any forward-looking
statements whether as a result of new information, future events or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150609006706/en/
Exterran Holdings, Inc.MediaSusan Moore,
281-836-7398orInvestorsDavid Oatman, 281-836-7035
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