Exterran Announces Management Teams for Post-Separation SpinCo and RemainCo
Exterran Holdings, Inc. (NYSE:EXH) today announced that Andrew Way will join the company on July 1, 2015 and, upon completion of the previously announced separation of Exterran’s international services and global oil and gas infrastructure product sales businesses into a standalone, publicly traded company (“SpinCo”), Way is expected to be appointed President and Chief Executive Officer (CEO) of SpinCo. Way is currently CEO of Drilling and Surface at GE Oil & Gas, where he leads its drilling and surface production business. The separation is expected to be completed in the third quarter 2015.
“Andrew has demonstrated an exceptional depth of energy industry leadership experience and a track record of impressive profit and revenue growth during his career with GE,” said Mark Sotir, Executive Chairman of Exterran’s Board of Directors. “I am looking forward to working with Andrew as we continue to focus on growth and profitability and develop competitive solutions that will create value for our customers.”
Way started his GE career in 1996 in the supply chain and operations organizations of GE Aircraft Engines. He held roles of increasing responsibility before moving to GE Capital in 2001 and later served as the managing director of GE Equipment Services. In October 2007, he joined the GE Oil & Gas business in Florence, Italy, leading Service Operations and serving as its Global Supply Chain & Manufacturing leader. In 2010 he was promoted to a GE Company Officer and became a vice president leading the Turbo Machinery Global Services business.
Additionally, Exterran announced that Jon Biro, currently Senior Vice President and Chief Financial Officer (CFO) of Exterran Holdings, will become CFO of “SpinCo” upon completion of the separation.
RemainCo Management
The company also announced that Exterran’s President and CEO, Brad Childers, will be the President and CEO of Exterran Holdings (“RemainCo”), which will be a pure-play U.S. compression services business, upon completion of the separation.
David Miller, currently Senior Vice President and CFO of Exterran Partners, L.P. (NASDAQ:EXLP), will become CFO of “RemainCo” upon closing of the transaction. He will also remain the CFO of Exterran Partners.
Board Chair Assignments
Exterran also announced that Mark Sotir, Executive Chairman of the Exterran Holdings Board of Directors, is expected to resign from the Exterran board at the time of the separation in order to become Executive Chairman of the new publicly traded company, “SpinCo.”
Gordon Hall, Vice Chairman of the Exterran Holdings Board of Directors and a director of Exterran and its predecessor since 2002, will become Chairman of “RemainCo” upon closing.
