Natural Gas Services Group, Inc., Announces Retirement of James Hazlett as Vice President and Chief Technical Officer
Natural Gas Services Group (NYSE: NGS) announced the retirement of James Hazlett, Vice President and Chief Technical Officer, effective August 1, 2024. Hazlett, who joined the company in 2005, has been a key figure in NGS's technical success. To ensure a smooth transition, NGS has entered into a 19-month consulting agreement with Hazlett, which includes cash compensation and modified vesting terms for his equity awards.
The company has proactively divided Hazlett's responsibilities among existing leadership, with Brian Tucker (President and COO) and John Rowell (VP, Technical) taking over his duties. NGS anticipates a seamless transition due to established operational continuity. Both the Chairman and CEO expressed gratitude for Hazlett's contributions and confidence in the company's future direction.
Natural Gas Services Group (NYSE: NGS) ha annunciato il pensionamento di James Hazlett, Vice Presidente e Chief Technical Officer, a partire dal 1° agosto 2024. Hazlett, che è entrato a far parte dell'azienda nel 2005, è stato una figura chiave nel successo tecnico di NGS. Per garantire una transizione fluida, NGS ha stipulato un accordo di consulenza di 19 mesi con Hazlett, che include compenso in denaro e termini di vesting modificati per i suoi premi azionari.
L'azienda ha proattivamente suddiviso le responsabilità di Hazlett tra i leader esistenti, con Brian Tucker (Presidente e COO) e John Rowell (VP, Tecnico) che prenderanno in carico i suoi doveri. NGS prevede una transizione senza intoppi grazie alla continuità operativa già stabilita. Sia il Presidente che il CEO hanno espresso gratitudine per i contributi di Hazlett e fiducia nella futura direzione dell'azienda.
Natural Gas Services Group (NYSE: NGS) anunció la jubilación de James Hazlett, Vicepresidente y Director Técnico, a partir del 1 de agosto de 2024. Hazlett, quien se unió a la empresa en 2005, ha sido una figura clave en el éxito técnico de NGS. Para garantizar una transición fluida, NGS ha firmado un acuerdo de consultoría de 19 meses con Hazlett, que incluye compensación en efectivo y términos de adquisición modificados para sus premios en acciones.
La empresa ha dividido proactivamente las responsabilidades de Hazlett entre los líderes existentes, con Brian Tucker (Presidente y COO) y John Rowell (VP, Técnico) asumiendo sus funciones. NGS anticipa una transición sin problemas debido a la continuidad operativa ya establecida. Tanto el Presidente como el CEO expresaron su agradecimiento por las contribuciones de Hazlett y su confianza en la dirección futura de la empresa.
내추럴 가스 서비스 그룹(NYSE: NGS)은 제임스 해즐렛 부사장 및 최고 기술 책임자의 은퇴를 2024년 8월 1일로 발표했습니다. 2005년 회사에 합류한 해즐렛은 NGS의 기술적 성공에서 핵심 인물로 자리 잡았습니다. 원활한 전환을 보장하기 위해 NGS는 해즐렛과 19개월 간의 컨설팅 계약을 체결했으며, 여기에 현금 보상과 그의 주식 보상에 대한 수정된 취득 조건이 포함되어 있습니다.
회사는 해즐렛의 책임을 기존 경영진 간에 적극적으로 분담했으며, 브라이언 터커(사장 겸 COO)와 존 로웰(VP, 기술)이 그의 직무를 인수하게 됩니다. NGS는 이미 설정된 운영의 연속성 덕분에 원활한 전환을 기대하고 있습니다. 회장과 CEO 모두 해즐렛의 기여에 대한 감사와 회사의 미래 방향에 대한 확신을 표현했습니다.
Natural Gas Services Group (NYSE: NGS) a annoncé le départ de James Hazlett, Vice-Président et Directeur Technique, effectif le 1er août 2024. Hazlett, qui a rejoint l'entreprise en 2005, a été une figure clé du succès technique de NGS. Pour garantir une transition en douceur, NGS a signé un contrat de consultation de 19 mois avec Hazlett, incluant une compensation en espèces et des conditions de vesting modifiées pour ses récompenses en actions.
L'entreprise a proactivement réparti les responsabilités de Hazlett parmi les dirigeants existants, avec Brian Tucker (Président et COO) et John Rowell (VP, Technique) prenant en charge ses fonctions. NGS anticipe une transition sans heurts grâce à la continuité opérationnelle établie. Tant le Président que le PDG ont exprimé leur gratitude pour les contributions de Hazlett et leur confiance dans l'orientation future de l'entreprise.
Natural Gas Services Group (NYSE: NGS) hat den Rücktritt von James Hazlett, Vizepräsident und Chief Technical Officer, zum 1. August 2024 angekündigt. Hazlett, der 2005 in das Unternehmen eintrat, war eine Schlüsselperson für den technischen Erfolg von NGS. Um einen reibungslosen Übergang zu gewährleisten, hat NGS einen 19-monatigen Beratungsvertrag mit Hazlett abgeschlossen, der eine Barvergütung und modifizierte Vesting-Bedingungen für seine Aktienoptionen umfasst.
Das Unternehmen hat Hazletts Verantwortlichkeiten proaktiv auf die bestehende Führung verteilt, wobei Brian Tucker (Präsident und COO) und John Rowell (VP, Technik) seine Aufgaben übernehmen. NGS rechnet mit einem nahtlosen Übergang dank der bereits etablierten operationellen Kontinuität. Sowohl der Vorsitzende als auch der CEO äußerten Dankbarkeit für Hazletts Beiträge und Vertrauen in die zukünftige Richtung des Unternehmens.
- Proactive transition planning with responsibilities already divided among existing leadership
- 19-month consulting agreement with retiring CTO ensures continuity and knowledge transfer
- Company expects seamless transition due to established operational processes
- Loss of long-term technical leadership with CTO's retirement after nearly two decades
- Potential impact on innovation and technical direction with change in technical leadership
Midland, Texas, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE: NGS), a leading provider of gas compression equipment, technology, and services to the energy industry, announced today that James Hazlett, who served as Chief Technology Officer of the Company and worked with Natural Gas Services Group since 2005, has officially retired.
“I would like to personally thank Jim for his two decades of dedicated service to Natural Gas Services Group,” said Steve Taylor, Chairman of the Company. “He was a driving force in our technical success and his contributions are still felt throughout the company. He built a strong team in the process, one that will continue to drive technology innovation for the Company and our customers. I wish Jim nothing but continued success as he moves on, while still providing value to the Company.”
Mr. Hazlett retired as Vice President and Chief Technical Officer effective August 1, 2024, and separated his employment from the Company. To secure Mr. Hazlett’s services through a transition period, the Company has entered into a consulting agreement with Mr. Hazlett under which he will provide certain transitional services for up to 19 months following his retirement. The consulting agreement provides for cash compensation as well as a change to the vesting terms of a portion of outstanding equity awards held by Mr. Hazlett to correspond with the term of the consulting agreement.
“Jim has been a great source of knowledge and wisdom during my transition into the CEO position, and I sincerely appreciate everything he has done for the Company including working with us to plan his retirement,” said Justin Jacobs, CEO of the Company. “I think it would be difficult to find anyone who knows more about compression units or matches his passion for the compression industry. Everyone at the Company looks forward to working with Jim as a consultant during his retirement.”
In anticipation of Mr. Hazlett’s potential retirement, the Company had divided and transitioned responsibilities over the past several months. As such, Mr. Hazlett’s responsibilities among operations, sales, and technical services have been divided between Brian Tucker, President and COO, and John Rowell, Vice President, Technical. The Company expects a seamless transition given the continuity in its operations and processes.
“I would like to thank the entire team at the Company for all of the wonderful experiences over the past several decades. I have had the opportunity to build some great machinery and work with amazingly talented people, both employees and customers. As a significant shareholder, I’m proud of our significant growth and confident in the direction and trajectory of the Company.”
About Natural Gas Services Group, Inc.
Natural Gas Services Group is a leading provider of natural gas compression equipment, technology and services to the energy industry. The Company designs, rents, sells and maintains natural gas compressors for oil and natural gas production and plant facilities, primarily using equipment from third-party fabricators and OEM suppliers along with limited in-house assembly. The Company is headquartered in Midland, Texas, with a fabrication facility located in Tulsa, Oklahoma, a rebuild shop located in 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 Statements
This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that do not relate strictly to historical or current facts, including those relating to the transition of responsibilities of the Company's Chief Technical Officer, are forward-looking and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
For Additional Information:
Anna Delgado-Investor Relations
(432) 262-2700
ir@ngsgi.com
www.ngsgi.com
FAQ
When did James Hazlett retire from Natural Gas Services Group (NGS)?
How long will James Hazlett provide consulting services to NGS after retirement?
Who will take over James Hazlett's responsibilities at Natural Gas Services Group (NGS)?
How long did James Hazlett work for Natural Gas Services Group (NGS)?
