National Oilwell Varco Inc. has formed a new Delaware corporation, NOW Inc., to serve as the independent, publicly traded company for its plan to spin off to its shareholders its distribution business. The proposed business will operate under the name DistributionNOW.
The company also announced the names of certain members of the executive management team for this company. On the effective date of the spinoff, Robert Workman will become the CEO of the publicly traded distribution company, Daniel Molinaro will become its CFO, and David Cherechinsky will become its chief accounting officer.
Workman started with National Oilwell Varco in 1991, and has held various managerial positions with the distribution business group since his start. He has served as president of distribution services since January 2001. He also serves as the chairman of the Petroleum Equipment Suppliers Association and is a member of the IPAA, IADC, and API.
Molinaro is vice president and treasurer of National Oilwell Varco, and has served as treasurer since 1987. He began his career with US Steel Corp. (USX) in 1968, and has held various managerial positions in auditing, accounting and finance. Prior to joining National Oilwell Varco, he was comptroller of the Oilwell Division of USX Corp. in Dallas, Texas.
Cherechinsky has served as vice president of finance for the distribution business group since 2003, and as vice president of finance for the company’s distribution and transmission business segment since 2011. He previously served the company starting in 1989 in various corporate roles including as internal auditor, credit management and business analyst.
National Oilwell Varco has previously announced that Merrill A. “Pete” Miller Jr. will become the executive chairman of that publicly traded distribution company on the effective date of the spinoff.
The company also intends to promote Trevor Martin to the position of treasurer on the effective date of the spinoff, to fill the position that will be left vacant by Molinaro’s departure. Martin started with National Oilwell Varco as an internal auditor in July 2004. He joined the Treasury Department in June 2007, as treasury manager, and was promoted to his current position of assistant treasurer in 2010.