Exterran confirms management teams for post-separation SpinCo and RemainCo

Exterran Holdings Inc. (NYSE: EXH) says that Andrew Way will join the company on July 1, and, upon completion of the separation of Exterran’s international services and global oil and gas infrastructure product sales businesses into a stand-alone, publicly traded company (SpinCo), Way is expected to be appointed president and CEO of SpinCo. The separation is expected to be completed in the third quarter of 2015.

Way is currently CEO of Drilling and Surface at GE Oil & Gas, where he leads its drilling and surface production business. He began his GE career in 1996 in the supply chain and operations organizations of GE Aircraft Engines, and 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, Way 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 CFO of Exterran Holdings, will become CFO of SpinCo upon completion of the separation.

Exterran’s president and CEO, Brad Childers, will be the president and CEO of Exterran Holdings (RemainCo), which will be a pure-play US compression services business, upon completion of the separation.

David Miller, currently senior vice president and CFO of Exterran Partners LP (NASDAQ: EXLP), will become CFO of RemainCo upon closing of the transaction. He will also remain the CFO of Exterran Partners.

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 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.

 

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