HOUSTON, June 11, 2018 /PRNewswire/ -- MRC Global Inc.
(NYSE: MRC) announced today that Henry
Cornell has joined its board of directors.
Mr. Cornell is the founder and senior partner of Cornell Capital
LLC, a private investment firm based in New York and Asia that currently manages over $2.2 billion of assets. In June 2015, an affiliate of Cornell Capital
invested $363 million in MRC Global
through a preferred stock financing. Pursuant to the terms of
that preferred stock transaction, the holder of the preferred stock
has designated Mr. Cornell as a director to the company's
board of directors. Mr. Cornell was then elected by the
company's board of directors.
"We are excited to welcome Henry back to our board of
directors," said MRC Global president and chief executive officer
Andrew Lane. "Henry was instrumental
in the creation of MRC Global in 2006 and has continued to
provide support and counsel to the company. Our strategic financing
with Cornell Capital in 2015 and our efforts to generate cash from
operations, pay down debt and right size our business allowed us to
reposition the company for further success. We are glad to have
Henry's deep understanding of the company's strategy and years of
experience in global finance and acquisitions to continue to help
the board guide our long-term success."
Mr. Cornell was previously a director of MRC Global, serving as
a board member from 2007 until he resigned from the board in 2015
prior to the Preferred Stock transaction. Following the Preferred
Stock transaction, Mr. Cornell has been a board observer.
Before establishing Cornell Capital in 2013, he spent nearly
30 years at Goldman, Sachs & Co., where he ultimately
became vice-chairman of the Merchant Banking Division.
Mr. Cornell earned a bachelor of arts from Grinnell College in 1976 and a juris doctorate from
New York Law School in 1981.
About MRC Global Inc.
Headquartered in Houston,
Texas, MRC Global, is the largest global distributor, based
on sales, of pipe, valves and fittings (PVF) and related products
and services to the energy industry and supplies these products and
services across each of the upstream, midstream and downstream
sectors. More information about MRC Global can be found on our
website mrcglobal.com.
Contact:
Monica Broughton
Investor Relations
MRC Global Inc.
Monica.Broughton@mrcglobal.com
832-308-2847
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SOURCE MRC Global Inc.