HOUSTON, June 1, 2015 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company') (NYSE: FTK) today
announced the appointment of Robert M.
Schmitz as Executive Vice President and Chief Financial
Officer, succeeding H. Richard
Walton, who has been named Chief Financial Officer Emeritus
and will remain a key part of Flotek's financial leadership
team.
"This planned transition continues the evolution of Flotek's
leadership team, recognizing both Rich and Rob's important
contributions to the growth of Flotek and, more importantly, the
incredible improvements in our financial accountability process,"
said John Chisholm, Chairman,
President and Chief Executive Officer of Flotek. "Through Rich and
Rob's leadership over the past two years, we have become an
industry leader in timely filings and have developed internal
accounting and financial reporting practices that have been key to
building a more efficient business. These appointments recognize
that hard work and position Flotek to continue its 'best-in-class'
accounting and financial practices."
Mr. Schmitz served as Flotek's Vice President and Corporate
Controller since June, 2013. Prior to joining Flotek, Mr. Schmitz
served as Vice President and Chief Accounting Officer at Champion
Technologies Inc., a major supplier of production chemicals to the
Oil and Gas industry. Mr. Schmitz also worked at Shell Oil Company,
ultimately serving as Chief Financial Officer of the Shell Energy
Services division. He also worked as Accounting Director at Dynegy.
Mr. Schmitz graduated from Kansas State
University with a degree in Business Administration and is a
Certified Public Accountant.
"Rob's significant experience in energy and chemistry accounting
combined with important contributions to Flotek since joining the
firm in 2013 make him uniquely qualified to step into this new role
without missing a beat," added Chisholm. "He has built a strong
accounting team and has gained a deep understanding of our business
and our culture over the past two years which will serve him well
as Flotek continues to grow."
Mr. Walton has served as Flotek's Chief Financial Officer since
January, 2013. Prior to joining Flotek, Mr. Walton spent his
entire 30 year career in public accounting, including 20 years as
an audit partner at KPMG. His experience includes financial
statement audits and registration of securities with the SEC.
Following his retirement from KPMG, LLP in 2003, Mr. Walton
served as a consultant to public companies, including Flotek since
2010. Mr. Walton 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. He currently serves as Chairman of
the Board of Houston Hospice, Chairman of the Finance Committee of
DePelchin Children's Center and as a member of the Board of
Trustees of the Retina Research Foundation.
"Rich's contributions to Flotek cannot be overstated and I am
delighted he has agreed to remain an important part of our
financial leadership team," added Chisholm. "In his new role he
will remain a key component of our public filing and compliance
team, serve as a strategic resource to Rob and our accounting team
and remain a central mentor and resource for other members of our
finance team. Rich's vast experience in public audit and accounting
is something we rely on daily and I consider him an important
advisor on a plethora of financial issues."
Mr. Schmitz and Mr. Walton will remain based in the Company's
Houston headquarters. Flotek does
not anticipate any significant additional accounting staff changes
as a result of Mr. Schmitz's promotion.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of
innovative oilfield technologies, including specialty chemicals and
down-hole drilling and production equipment. It serves major and
independent companies in the domestic and international oilfield
service industry. 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.
Forward-Looking Statements
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.
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SOURCE Flotek Industries, Inc.