NOW Inc. Announces Resignation of Wayne Richards from the Board of Directors

Rhea-AI Summary

NOW Inc. (NYSE:DNOW) has announced the resignation of Wayne Richards from its board of directors, effective August 10, 2021, due to personal reasons. This resignation was described as amicable, with no disagreements on company matters. Dick Alario, Chairman of the Board, expressed gratitude for Richards' contributions to the company since its spin-off, acknowledging his significant role as a founding member and former Chairman. NOW Inc. remains a key player in the energy and industrial markets, operating approximately 195 locations globally.

Positive

• Wayne Richards contributed significantly to the company's progress as a founding board member.
• The board's leadership remains stable, ensuring continuity in governance.

Negative

• Concerns regarding potential experience gaps on the board following Richards' departure.

NOW Inc. (NYSE:DNOW) announced today that Wayne Richards has resigned from the Company’s board of directors effective as of August 10, 2021 for personal reasons. The resignation was not the result of any disagreement with the Company or any of its affiliates on any matter relating to the Company's operations, policies or practices.

Dick Alario, Chairman of the Board of NOW Inc., stated, "I would like to thank Wayne for all of his contributions to DNOW's success through these past years. Wayne joined the Board prior to our spin-off into an independent, publicly traded company and has contributed significantly to the Company's progress during his tenure as a founding board member and former Chairman of the DNOW Board. We are grateful for his contributions to DNOW and wish him the very best in the future."

NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW Inc. operates primarily under the DistributionNOW and DNOW brands. Through its network of approximately 195 locations and 2,450 employees worldwide, NOW Inc. offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. Our locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210811005810/en/

FAQ

Why did Wayne Richards resign from NOW Inc.?

Wayne Richards resigned from NOW Inc.'s board for personal reasons.

What impact does Wayne Richards' resignation have on NOW Inc.?

While it may raise concerns about experience gaps, the board's leadership remains stable.

When did Wayne Richards resign from NOW Inc.?

Wayne Richards' resignation was effective as of August 10, 2021.

What role did Wayne Richards have at NOW Inc.?

Wayne Richards served as a founding board member and former Chairman.

Who is the current Chairman of NOW Inc.?

Dick Alario is the current Chairman of NOW Inc.