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 Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On February20, 2017, Forum Energy Technologies, Inc. (the
Company) announced the appointment of
Mr.Prady Iyyanki as President and Chief Executive Officer,
effective May16, 2017. As part of this long planned transition,
Mr.C. Christopher Gaut, the current Chief Executive Officer, will
become Executive Chairman of the Companys board of directors (the
Board). The Board has also nominated
Mr.Iyyanki to stand for election as a director at the 2017 Annual
Meeting of Stockholders.
Mr.Iyyanki, age 46, has served as the Companys President and
Chief Operating Officer since May 2016.From January 2014 to May
2016, he served as Executive Vice President and Chief Operating
Officer. Mr.Iyyanki was a private investor from March 2013 to
December 2013.From April 2011 to March 2013, Mr.Iyyanki served as
Vice President of GE Oil and Gas, a manufacturer of capital
equipment and service provider for the oil and gas industry, and
from April 2011 to December 2012 he served as President and Chief
Executive Officer of the GE Oil and Gas Turbo Machinery business.
From June 2006 to April 2011, Mr.Iyyanki served as President and
Chief Executive Officer of the GE Power and Water Gas Engines
business. Mr.Iyyanki holds a B.S. in Mechanical Engineering from
Jawaharlal Nehru Technology University and an M.S. in Engineering
from South Dakota State University.
Mr.Iyyanki does not have any family relationships with any
director, executive officer, or any person nominated to become a
director or executive officer of the Company and there are no
arrangements or understandings between Mr.Iyyanki and any other
person to which Mr.Iyyanki was appointed as the President and
Chief Executive Officer of the Company. There are no transactions
in which Mr.Iyyanki had or will have an interest that would be
required to be disclosed to Item404(a) of Regulation S-K under
the Securities Exchange Act of 1934, as amended.
A copy of the release is filed as Exhibit 99.1 to this Form 8-K
and is incorporated herein by reference.
Item7.01 Regulation FD Disclosure.
On February20, 2017, the Company issued a press release
announcing the leadership transition described in this Current
Report on Form 8-K. A copy of the press
release is attached hereto as Exhibit 99.1.
The information
contained in this Item 7.01 of this Current Report on Form 8-K,
including the information contained in Exhibit 99.1 attached
hereto, shall not be deemed to be filed for purposes of section
18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to liabilities of that section, and is not
incorporated by reference into any registration statement or
other filing under the Securities Act of 1933, as amended, except
as otherwise expressly stated in such filing.
Item9.01
Financial Statements and Exhibits.
(d)
Exhibits.
The following
exhibit is furnished as an exhibit to this Current Report on Form
8-K:
|
ExhibitNo. |
Exhibit Title or Description |
|
| 99.1 |
Forum Energy Technologies, Inc. Press Release dated February20, 2017. |
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. FORUM ENERGY TECHNOLOGIES, INC. (NYSE:FET) Recent Trading Information
FORUM ENERGY TECHNOLOGIES, INC. (NYSE:FET) closed its last trading session up +0.45 at 20.55 with 867,409 shares trading hands.