Flotek Announces Departure of Director David Nierenberg

Rhea-AI Summary

Flotek announced the resignation of David Nierenberg from its Board of Directors, effective May 24, 2024. Nierenberg's six-year tenure significantly contributed to the company's turnaround, with annual revenues more than quadrupling since 2021 and achieving the first profitable year since 2017. Both Harsha V. Agadi, Chairman of the Board, and Ryan Ezell, CEO, praised Nierenberg for his leadership and strategic insights. The company noted that Nierenberg's governance expertise and mentorship were pivotal in restoring Flotek's position as a leading provider of sustainable chemistry and data solutions. The Board expressed best wishes for his future endeavors.

Positive

• David Nierenberg's tenure saw annual revenues more than quadruple since 2021.
• Flotek achieved its first profitable year since 2017 under Nierenberg's leadership.
• Nierenberg provided unmatched corporate governance expertise.
• Significant strategic insights from Nierenberg helped the company navigate industry volatility.
• Nierenberg’s contributions restored Flotek's brand as a leading provider of sustainable chemistry and data solutions.

Negative

• The departure of a key board member like David Nierenberg could create uncertainty about future leadership.
• Potential instability in strategic direction following a significant leadership change.

HOUSTON, May 24, 2024 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced that David Nierenberg is stepping down from his position as a member of the Company's Board of Directors.  

Harsha V. Agadi, Chairman of the Board of Directors of Flotek, said, "David's leadership during his six years of service has played a pivotal role in the Company's turnaround. David has provided the board unmatched corporate governance expertise as well as deep strategic insights helping the Company to achieve operational and financial success while navigating the volatility inherent in the industry. During David's tenure, annual revenues have more than quadrupled since 2021 resulting in the Company achieving its first year of profitability since 2017. On behalf of my fellow directors, we wish him success in all his future endeavors." 

Ryan Ezell, Chief Executive Officer, said, "I am grateful to David for his years of service and the personal career mentorship and counsel he provided me during my time at Flotek. David's contributions to placing us back on the path to profitability and restoring the Flotek brand as a leading provider of sustainable chemistry and data solutions cannot be overstated. In every regard, David leaves the Company in far better shape than when he arrived."    

About Flotek Industries, Inc.

Flotek Industries, Inc. is an advanced technology-driven, green chemical and data analytics company providing unique and innovative completion solutions that have a proven, positive impact on sustainability and reducing the overall environmental impact of energy on air, land, water and people. Flotek has an intellectual property portfolio of over 170 patents and a global presence in more than 15 countries throughout North America, Latin America, the Middle East and North Africa. Flotek has established collaborative partnerships focused on sustainable and optimized chemistry and data solutions which improve well performance and allow its customers to generate higher returns on invested capital.

Flotek is based 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 www.flotekind.com.

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SOURCE Flotek Industries, Inc.

FAQ

Why did David Nierenberg resign from Flotek?

The press release did not specify the reason for David Nierenberg's resignation from Flotek.

What impact did David Nierenberg have on Flotek's performance?

During Nierenberg's tenure, Flotek's annual revenues more than quadrupled since 2021, and the company achieved its first profitable year since 2017.

Who commented on David Nierenberg's resignation from Flotek?

Harsha V. Agadi, Chairman of the Board, and Ryan Ezell, CEO of Flotek, commented on Nierenberg's resignation.

How long did David Nierenberg serve on Flotek's Board of Directors?

David Nierenberg served on Flotek's Board of Directors for six years.

What is the stock symbol for Flotek?

The stock symbol for Flotek is FTK.