National Oilwell Varco's CEO To Step Down - Quick Facts

(RTTNews) - National Oilwell Varco, Inc. (NOV), Thursday said its Chairman and Chief Executive Officer Merrill "Pete" Miller informed the Board he intends to step down. Miller said he plans to leave the company, at the same time during which the previously announced plan to spin off its Distribution Business as an independent, publicly traded company completes. Miller would don the greasepaint as the Executive Chairman of that publicly traded distribution company, effective on the date of the spinoff.

The company said that it plans for Clay Williams, to succeed Miller as the Chairman and Chief Executive Officer. Williams has served as the National Oilwell's President and Chief Operating Officer since December 2012 and previously as the Executive Vice President and Chief Financial Officer. Pete Miller joined National Oilwell in 1996, and served as President, Chief Executive Officer and Chairman since 2001.