FORUM ENERGY TECHNOLOGIES, INC. (NYSE:FET) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 3, 2018, Forum Energy Technologies, Inc. (the “Company”) announced that the Board of Directors (the “Board”) appointed C. Christopher Gaut, 62, as President and Chief Executive Officer, effective November 30,2018. Mr. Gaut succeeds Prady Iyyanki, 48, who resigned as President and Chief Executive Officer and as a member of the Board on November 30, 2018.
Mr. Gaut has served as the Company’s Chairman of the Board since December 2017. Prior to that, from May 2017 to December 2017, he served as Executive Chairman of the Board, and as Chief Executive Officer from May 2016 to May 2017. From August 2010 to May 2016, he served as President, Chief Executive Officer and Chairman of the Board, and as one of the Company’s directors since December 2006. During 2018, Mr. Gaut has been employed by the Company to an agreement previously filed on the Company’s Current Report on Form 8-K dated February 21, 2018. Additional information about Mr. Gaut required under Items 401(b), (d) and (e) and Item 404(a) of Regulation S-K is contained on page five of the Company’s Definitive Proxy Statement for the 2018 Annual Meeting of Stockholders filed with the Securities and Exchange Commission on April 2, 2018, which is incorporated herein by reference (the “Proxy Statement”). In addition, Mr. Gaut is an investor in certain funds affiliated with L.E. Simmons & Associates, Incorporated (“LESA”), the ultimate general partner of the Company’s largest stockholder, including funds that own stock in the Company. In connection with the appointments disclosed herein, Mr. Gaut has resigned from his position as an industry advisor to LESA, as described in the Proxy Statement.
Any material changes to Mr. Gaut’s current compensatory arrangements in connection with his appointment as President and Chief Executive Officer will be disclosed after they have been finalized. The material terms of Mr. Iyyanki’s separation agreement are not different from the applicable terms of his employment agreement, previously filed on the Company’s Current Report on Form 8-K dated January 8, 2014, in the case of a termination without “Cause.”
In connection with Mr. Iyyanki’s resignation from his position as a director, the Board decreased its size from ten to nine directors, effective November 30, 2018. Mr. Gaut will continue to serve as the Chairman of the Board and will not serve on any of the Board’s standing committees.
About FORUM ENERGY TECHNOLOGIES, INC. (NYSE:FET)
Forum Energy Technologies, Inc. is an oilfield products company. The Company designs, manufactures and distributes products and engages in aftermarket services, parts supply and related services. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas. Its capital products are targeted at drilling rig equipment for rigs, upgrades and refurbishment projects; subsea construction and development projects; the placement of production equipment on producing wells; pressure pumping equipment, and downstream capital projects. Its engineered systems are components used on drilling rigs for completions or in the course of subsea operations, while its consumable products are used to maintain operations at well sites in the well construction process.