From PR NewsWire
Flotek Industries, Inc. (NYSE: FTK) welcomes David Nierenberg to its board of directors. A graduate of Yale College and Yale Law School, Nierenberg is a lawyer, strategic management consultant, corporate director, investor, venture capitalist and philanthropist.
He is Founder and President of Nierenberg Investment Management Company (NIMCO) of Camas, Washington, which manages The D3 Family Funds. Focused on long-term capital gain, principally through investment in a concentrated portfolio of undervalued public equities, the fund has held shares of Flotek stock since April 2015 and currently owns 1.625 million shares of the Company’s stock.
Nierenberg is a former partner for consulting firm Bain & Company and has significant experience in corporate governance. He serves on the Washington State Investment Board, which oversees $120 billion of public employee retirement and other funds. Additionally, he chairs The Ira Millstein Center for Global Markets and Corporate Ownership at Columbia Law School, a world leader in corporate governance. Previously, he was Vice Chair of the Millstein Center for Corporate Governance at Yale. David chairs the Research Advisory Committee for Glass-Lewis, the second largest global proxy advisor.
John W. Chisholm, Flotek’s Chairman, President and Chief Executive Officer commented, “David brings tremendous experience and breadth to the Flotek board. Last quarter, we highlighted our intent to reimagine the board and identify candidates who will add long-term value to Flotek’s strategic plan, with an increased focus on independence, diversity and enhanced governance. Today’s appointment is meaningful progress to fulfill that commitment, and we are extremely pleased to welcome David to our board.”
Nierenberg’s past energy investments have spanned more than two decades and have included Superior Energy, Denbury Resources and oilfield equipment company NATCO Group, which was acquired by Cameron International Corp.
He currently serves as a director of Rosetta Stone (RST) and Riverview Bancorp (RVSB).
“Over the past several years, I have worked with John Chisholm, the Flotek leadership team and members of the board. Unquestionably, this is a strong team with tremendous upside potential. It is a pleasure and privilege to join this team to benefit all stakeholders,” said Nierenberg.
Nierenberg joins the board as Kenneth T. Hern, age 81, resigns. Mr. Hern was a director since 2009, serving as the lead director, as well as on the Corporate Governance and Nominating Committee and on the Audit Committee.
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Flotek’s inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. 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.
