HOUSTON, July 30, 2020 /PRNewswire/ -- Flotek Industries,
Inc. ("Flotek" or the "Company") (NYSE: FTK) is pleased to welcome
Michael E. Borton as Chief Financial
Officer (CFO), effective August 3,
2020. In this role, he will oversee the Company's financial
strategy, planning and reporting, treasury and corporate
development functions. He will report directly to John W. Gibson, Jr., Flotek's Chairman,
President, and Chief Executive Officer.
Borton brings 35 years of experience to Flotek, serving in
financial and operational leadership roles for high-growth,
Software as a Service (SaaS) technology companies in a wide range
of industries, including cybersecurity, healthcare, business data
analytics, energy and software. Throughout his career, he has held
leadership roles in private and public global enterprises to help
drive organic and inorganic growth, increase Annual Recurring
Revenue (ARR), improve margins and catalyze business
performance.
"I'm excited to welcome Mike to Flotek as we focus on
high-growth opportunities related to data and digital
transformation. Mike has established a strong history of
performance throughout his career, consistently delivering top and
bottom-line growth through financial and operational integrity,"
said Gibson. "From my past work with Mike, I know him to be a
highly strategic leader who consistently makes a positive impact,
and more importantly, I have been impressed with his track-record
of driving transformative results over the past two decades. Mike
rounds out an incredibly strong management team that is extremely
motivated and focused on delivering value for our shareholders and
customers."
"I'm grateful for the opportunity to join the Flotek team at an
exciting time in the Company's evolution," said Borton. "I look
forward to helping take Flotek to the next level as we drive
profitable growth opportunities and deliver new technology and
solutions to our clients in a capital efficient manner."
Borton joins Flotek from Dynasty Sports and Entertainment, a
sports and entertainment data and analytics technology company,
where he was CFO. Prior to his role at Dynasty, Borton served as
CFO at Wombat Security Technologies, a high-growth, leading
international SaaS provider of computer-based Security Awareness,
where he oversaw significant increases in ARR, margin, EBITDA and
customer retention rates, and managed its sale to Proofpoint, Inc.
in 2018. From 2009 to 2014, he was CFO for Harmony Information
Systems, Inc., a leading SaaS organization serving health and human
services organizations, where he led the transformation of the
business to a recurring software model and managed the sale to
Mediware Information Systems (now WellSky) in 2014. Additionally,
Borton has served in various financial and operational leadership
roles at Consul risk Management BV (acquired by IBM), iSKY
Corporation and Invensys.
Prior to these roles, Borton spent more than a decade in
financial leadership roles for oil and gas services companies,
including Schlumberger and Halliburton, where he served as Group
Controller for Landmark Graphics.
Borton received a Master of Business Administration in Finance
from Indiana University in Bloomington,
Indiana, and a Bachelor of Science in
Accounting from Valparaiso University. Borton is a Certified
Management Accountant (CMA), earning a Certificate of Distinguished
Performance from the Institute of Management Accounting.
As an inducement to join the Company and to closely align
interests with the Company's shareholders, Borton has been granted
240,000 restricted stock awards (RSAs) that will vest over three
years and performance-based options representing 360,000 shares of
the Company. A portion of these performance-based shares will vest
based upon the Company's Total Shareholder Return, relative to its
Peer Group, as defined by the 2020 Performance Unit Plan of the
Company; and the other portion will vest based upon the closing
stock price for the Company's common stock for a 20 consecutive
trading-day period, with full vesting at closing prices at or above
$7.00 per share for a 20 consecutive
trading-day period. The options have an exercise price equal to the
closing price of the Company's shares on the date of grant.
About Flotek
Flotek empowers the energy industry to
maximize the value of their hydrocarbon streams and improve return
on invested capital through data-driven platforms and chemistry
technologies. Flotek serves downstream, midstream and upstream
customers, both domestic and international. Flotek is a publicly
traded company headquartered in Houston,
Texas, and its common shares are traded on the New York
Stock Exchange under the ticker symbol "FTK." For additional
information, please visit Flotek's web site at
www.flotekind.com.
Forward-Looking Statements
Certain statements set
forth in this press release constitute forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934) regarding
Flotek Industries, Inc.'s business, financial condition, results of
operations and prospects. Words such as will, continue, expects,
anticipates, intends, plans, believes, seeks, estimates and similar
expressions or variations of such words are intended to identify
forward-looking statements, but are not the exclusive means of
identifying forward-looking statements in this press release.
Although forward-looking statements in this press release reflect
the good faith judgment of management, such statements can only be
based on facts and factors currently known to management.
Consequently, forward-looking statements are inherently subject to
risks and uncertainties, and actual results and outcomes may differ
materially from the results and outcomes discussed in the
forward-looking statements. Further information about the risks and
uncertainties that may impact the Company are set forth in the
Company's most recent filing with the Securities and Exchange
Commission on Form 10-K (including, without limitation, in the
"Risk Factors" section thereof), and in the Company's other SEC
filings and publicly available documents. Readers are urged not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company
undertakes no obligation to revise or update any forward-looking
statements in order to reflect any event or circumstance that may
arise after the date of this press release.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/flotek-welcomes-new-cfo-michael-e-borton-301102726.html
SOURCE Flotek Industries, Inc.