Natural Gas Services Group, Inc. Announces Management Transition
May 17 2022 - 7:25AM
- Stephen C. Taylor, after over 17 years of service to
the Company, announces his retirement as President and Chief
Executive Officer. He will remain Chairman as well as an advisor to
the Company with a focus on long-term customer relationships.
- John W. Chisholm, currently lead independent director,
will serve as interim President and Chief Executive Officer,
ensuring strong leadership continuity.
Midland, TX, May 17, 2022 (GLOBE
NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE:NGS)
(the "Company" or "NGS"), a leading provider of gas compression
equipment and services to the natural gas and oil industry,
announced today that Stephen C. Taylor, Chairman, President and
Chief Executive Officer, will retire as President and Chief
Executive Officer. He will remain Chairman of the Board of
Directors through his term which expires at the annual meeting in
June, 2023. The Board of Directors has appointed John W. Chisholm,
currently the lead independent director of the Company’s Board, as
the interim President and Chief Executive Officer.
“On behalf of the Board of Directors, the
Natural Gas Services Group leadership team, and NGS’s employees, we
want to thank Steve for his leadership and impact over his more
than 17 years at the helm of NGS,” said John Chisholm, the
Company’s lead independent director. “He completes his tenure as
President and CEO with NGS in an enviable position with a pristine
balance sheet and numerous opportunities for internal and strategic
growth ahead. He transformed the Company from a relatively obscure
compression company to a leader in natural gas compression with a
reputation for unparalleled financial strength and an operational
acumen that leads the industry in efficiency and productivity for
its clients. In short, Steve is leaving the Company in far better
shape than he found it, the hallmark for success in a corporate
leader.”
The leadership transition will begin with
today’s earnings call as Mr. Chisholm begins his interim role. As
noted, Mr. Taylor will continue as Chairman of the Board, and will
remain active in the transition process throughout his term as
Chairman. David L. Bradshaw, current independent director and Chair
of the Board of Directors Audit Committee, has been appointed lead
independent director.
“I have been honored to serve as the Chief
Executive Officer at Natural Gas Services Group for the better part
of two decades,” said Mr. Taylor. “The NGS team has built a solid,
stable business with a strong focus on operational and financial
leadership. Our ability to respond to the evolving needs of our
customers - transitioning from a small horsepower, wellhead
compression company to a large horsepower leader – and our
capability to maintain our financial strength during the cyclical
highs and lows in the oilfield – is testament to the NGS team and
their willingness to work together and focus on the best interests
of our customers. While I am looking forward to a slightly slower
pace and enjoying more personal pursuits, I remain a significant
shareholder and am excited about what the future holds for NGS. As
a board member, John is familiar with the Company’s operations
which, along with his executive experience, makes him eminently
qualified to lead NGS. I will do everything I can to support
John and the team in my role as Chairman.”
The other members of the senior leadership team
will remain with Mr. Chisholm as the interim Chief Executive
Officer, including Micah Foster, Chief Financial Officer, and James
Hazlett, Vice President of Technical Services. In addition to
remaining Chairman of the Board, Mr. Taylor will serve as a key
senior ambassador with customers of the Company, ensuring the
continuation of nearly two decades of exceptional operations,
service and responsiveness to the clients of Natural Gas Services
Group.
“Very simply, NGS would not be the company it is
today without the leadership and vision of Steve Taylor,” concluded
Mr. Chisholm. “The stakeholders of NGS have been fortunate to have
him at the helm and will continue to benefit from his experience
and wisdom as Chairman in the coming year. I look forward to
continuing the work of NGS and engaging with Steve as we continue
to chart a course for the growth of NGS in the coming months.”
About Natural Gas Services Group,
Inc. (NGS)
NGS is a leading provider of gas compression
equipment and services to the energy industry. The Company
manufactures, fabricates, rents, sells and maintains natural gas
compressors and flare systems for oil and natural gas production
and plant facilities. NGS is headquartered in Midland, Texas,
with fabrication facilities located in Tulsa,
Oklahoma and Midland, Texas, and service facilities
located in major oil and natural gas producing basins in
the U.S. Additional information can be found
at www.ngsgi.com.
Cautionary Note Regarding
Forward-Looking Statements:
Except for historical information contained
herein, the statements in this release are forward-looking and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
involve known and unknown risks and uncertainties, which may cause
NGS's actual results in future periods to differ materially from
forecasted results. Those risks include, among other
things, the loss of market share through competition or otherwise;
the introduction of competing technologies by other companies; a
prolonged, substantial reduction in oil and gas prices which could
cause a decline in the demand for NGS's products and services; and
new governmental safety, health and environmental regulations and
social initiatives which could require NGS to make significant
capital expenditures or reduce our customers' demand for our
products and services. Any forward-looking statements included in
this press release are only made as of the date of this press
release, and NGS undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances. A discussion of these factors is included in the
Company's most recent Annual Report on Form 10-K filed with
the Securities and Exchange Commission.
Primary IR Contact:
Alicia Dada
Natural Gas Services Group, Inc
Phone: 432-262-2700
Fax: 432-262-2701
E-mail: Alicia.Dada@ngsgi.com
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