UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 1, 2019, the Board of Directors (the “Board”) of NOW Inc. (the “Company”) appointed Richard Alario, a member of the Board, to serve as the Company’s interim Chief Executive Officer, replacing Robert Workman, effective immediately. Mr. Workman’s employment with the Company was terminated without cause in connection with his replacement by Mr. Alario. Mr. Workman also resigned from the Board in connection with his termination. The resignation is not a result of any disagreement that the Company believes caused, in whole or in part, Mr. Workman’s resignation.
Mr. Alario, age 64, has been a director of the Company since May 2014. Mr. Alario served as Chief Executive Officer and director of Key Energy Services, Inc., a provider of oilfield services, since 2004 until his retirement in March 2016. Prior to joining Key Energy Services, Mr. Alario was employed by BJ Services Company, an oilfield services company, where he served as Vice President from 2002 after OSCA, Inc. was acquired by BJ Services. Prior to joining BJ Services, Mr. Alario had over 21 years of service in various capacities with OSCA, an oilfield services company, most recently having served as its Executive Vice President. He currently serves as ex-officio chairman of the National Ocean Industries Association. He is also a director of Kirby Corporation, serving as its presiding director and chairman of its Corporate Governance Committee. He is also Executive Chairman of Fluid Delivery Solutions, LLC.
The Company issued a press release today announcing the appointment of Mr. Alario as interim Chief Executive Officer, replacing Mr. Workman. A copy of the press release is furnished as Exhibit 99.1 to this report.
As of the date of this report, the Company has not agreed to any compensation terms with Mr. Alario and the Company will file an updated report once such terms have been finalized and agreed to.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| 99.1 |
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| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| * | Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 1, 2019 |
NOW INC. | |||||
| /s/ Raymond W. Chang | ||||||
| Raymond W. Chang Vice President & General Counsel |