Cactus Announces Executive Leadership Transition

Rhea-AI Summary

Cactus, Inc. appoints Stephen Tadlock as CEO of Spoolable Technologies segment

Positive

• Stephen Tadlock, currently Executive Vice President and CFO of Cactus, has been appointed as the CEO of the Spoolable Technologies segment
• Tadlock has extensive experience in the industry, having served as a Board observer of Cactus since its founding in 2011
• His previous experience as a Director and Chairman of the Board of a spoolable pipe business will ensure a smooth transition
• The appointment is expected to contribute to the successful integration of Cactus and FlexSteel businesses

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced the Board of Directors has appointed Stephen Tadlock, currently Executive Vice President and Chief Financial Officer of Cactus, as the CEO of the Spoolable Technologies segment (“FlexSteel”).

Mr. Tadlock has served as Executive Vice President and Chief Financial Officer of Cactus since 2019. Previously he served as Vice President and Chief Administrative Officer and as Vice President of Corporate Services after joining the company full time in 2017. Prior to that, Mr. Tadlock was a Partner at Cadent Energy Partners LLC, where he worked from 2007 to 2017, serving as a Board observer of Cactus since its founding in 2011. Additionally, while at Cadent Mr. Tadlock served as a Director and Chairman of the Board of Polyflow, a spoolable pipe business that was sold to Baker Hughes in 2018.

Alan Keifer, former Vice President, Controller and Chief Accounting Officer of Baker Hughes Inc., who has worked with Cactus since it went public in 2018, has accepted the position of Interim CFO of Cactus. He will begin his service on November 13, 2023. Mr. Tadlock will continue to serve as CFO of Cactus until Mr. Keifer begins his service as Interim CFO.

Scott Bender, CEO and Chairman of the Board of Cactus, commented, “On behalf of the Board of Directors and management team, I would like to thank TS (Mr. Sathyanarayanan) for his leadership in transforming FlexSteel into the industry leader over the past decade, and for his work in integrating FlexSteel into Cactus since the close of the acquisition in February 2023. His extensive history with FlexSteel has greatly enabled our successful integration thus far, and we wish him all the best with his future endeavors.”

“We have much work to do as we continue to realize the full potential of our combined Cactus and FlexSteel businesses. I’m confident that Steve is the right person for the job given his long history with Cactus and knowledge of our culture, in addition to his previous experience leading a spoolable pipe business which will ensure a smooth transition.”

About Cactus, Inc.

Cactus designs, manufactures, sells or rents a range of highly engineered pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers throughout North America and Australia, while also providing equipment and services in select international markets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231018008987/en/

Cactus, Inc.

Alan Boyd, 713-904-4669

Director of Corporate Development and Investor Relations

IR@CactusWHD.com

Source: Cactus, Inc.

Who has been appointed as the CEO of the Spoolable Technologies segment?

Stephen Tadlock, currently Executive Vice President and CFO of Cactus, has been appointed as the CEO of the Spoolable Technologies segment.

What is Stephen Tadlock's experience in the industry?

Stephen Tadlock has served as a Board observer of Cactus since its founding in 2011 and has previous experience as a Director and Chairman of the Board of a spoolable pipe business.

What is the expected impact of the appointment?

The appointment is expected to contribute to the successful integration of Cactus and FlexSteel businesses.