Forum Energy Technologies Announces CEO Succession
February 20 2017 - 8:00AM
Business Wire
Forum Energy Technologies, Inc. (NYSE:FET) announced today that
as part of a long planned transition its Board of Directors
appointed Mr. Prady Iyyanki as President and Chief Executive
Officer, effective May 16, 2017. Mr. Iyyanki currently serves as
President and Chief Operating Officer. Mr. C. Christopher Gaut, the
current Chief Executive Officer, will become Executive Chairman.
The Board has also nominated Mr. Iyyanki to stand for election as a
director at the 2017 Annual Meeting of Stockholders Meeting in
May.
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Prady Iyyanki, left and C. Christopher
Gaut, right. (Photo: Business Wire)
Cris Gaut commented, “It has been a privilege to serve as
Chairman and CEO of Forum since its inception six and a half years
ago. Three years ago we brought Prady on board to create a more
professional, streamlined, and efficient organization that was
capable of becoming a force to be reckoned with in the oilfield
manufacturing space. Since then he has proven himself at every turn
to be an excellent leader with strong business judgement. I was
pleased to recommend this move to our Board, and I look forward to
the continued growth and prosperity of the company under Prady’s
leadership.”
“I am honored to lead Forum into its next chapter,” said Prady
Iyyanki. “Cris successfully set the direction for Forum’s business
and financial strategy, led the transition to being a public
company and built a firm foundation of trust with our investors and
customers. He established Forum as a strong competitor within the
oilfield equipment manufacturing sector, and has proven to be an
excellent mentor for me and many others. In his new position, he
will continue to be actively involved with our larger strategic
matters, as well as acquisition and capital markets efforts. I look
forward to continuing my strong partnership with Cris.”
Prady joined Forum in 2014 after sixteen years of experience
with General Electric (GE) in various senior management roles. He
served as President and CEO of GE Genbacher/Gas Engines from 2006 –
2011 and President and CEO of Turbomachinery Equipment from 2011 –
2012. He has a Bachelor of Science in Engineering from Jawaharlal
Nehru Technology University, India and a Master of Science in
Engineering from South Dakota State University.
Forum Energy Technologies is a global oilfield products
company, serving the drilling, subsea, completions, production and
infrastructure sectors of the oil and natural gas
industry. The Company’s products include highly engineered
capital equipment as well as products that are consumed in the
drilling, well construction, production and transportation of oil
and natural gas. Forum is headquartered in Houston,
TX with manufacturing and distribution facilities
strategically located around the globe. For more information,
please visit www.f-e-t.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170220005180/en/
Forum Energy Technologies, Inc.Investor ContactMark Traylor,
281-368-1108Vice President, Investor Relations and
Planningmark.traylor@f-e-t.comorMedia ContactDonna Smith,
281-949-2514Director, Marketing &
Communicationsdonna.smith@f-e-t.com
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