NEWPARK RESOURCES ANNOUNCES RETIREMENT OF BOARD MEMBER
Newpark Resources, Inc. (NYSE: NR) announced the retirement of G. Stephen Finley from its Board of Directors after 15 years of service, effective post the upcoming Annual Meeting in May 2022. Finley, who has been crucial in the company's transformation, served as Chairman of the Audit Committee from 2009 to 2021. Under his leadership, Newpark navigated oil and gas industry downturns and reduced debt while expanding its presence in other sectors. The company thanked Finley for his invaluable contributions during his tenure.
- G. Stephen Finley's leadership contributed to Newpark's successful transformation over 15 years.
- Significant debt reduction achieved under Finley's guidance.
- Expansion into the utilities sector and other markets bolstered by Finley's insights.
- Finley's departure may raise concerns about continuity in leadership and strategic direction.
THE WOODLANDS, Texas, April 4, 2022 /PRNewswire/ -- Newpark Resources, Inc. (NYSE: NR) ("Newpark" or the "Company") announced today that G. Stephen Finley, who has served as an independent member of the Company's Board of Directors (the "Board") since 2007, informed the Chairman of the Board that he has chosen not to stand for re-election and instead retire from the Board immediately following the Company's upcoming Annual Meeting of Stockholders in May 2022.
Anthony J. Best, Chairman of Newpark's Board of Directors, stated, "We would like to thank Steve for his many contributions to Newpark during his fifteen years of service as a member of the Board. Steve's leadership and invaluable insights, including more than a decade of service as Chairman of the Audit Committee of the Board from 2009 to 2021, were instrumental to the Company's transformation, as we navigated through multiple oil and gas industry downturns and strengthened the Company by reducing our debt while at the same time significantly expanding our presence in the utilities sector and other industrial markets. We wish Steve the very best in his retirement."
Newpark Resources, Inc. is a geographically diversified supplier providing products, as well as rentals and services to a variety of industries, including oil and gas exploration, electrical transmission & distribution, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at www.newpark.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as "will," "may," "could," "would," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Newpark, particularly its Annual Report on Form 10-K for the year ended December 31, 2021, and its Quarterly Reports on Form 10-Q as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to the COVID-19 pandemic; the worldwide oil and natural gas industry; our customer concentration and reliance on the U.S. exploration and production market; our international operations; operating hazards present in the oil and natural gas industry and substantial liability claims, including catastrophic well incidents; our contracts that can be terminated or downsized by our customers without penalty; our product offering expansion; our ability to attract, retain and develop qualified leaders, key employees and skilled personnel; the price and availability of raw materials; business acquisitions and capital investments; our market competition; technological developments and intellectual property in our industry; severe weather, natural disasters, and seasonality; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; our legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity breaches or business system disruptions; our restructuring activities; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; our ability to maintain compliance with the New York Stock Exchange's continued listing requirements; and our amended and restated bylaws, which could limit our stockholders' ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. There can be no assurances that the ongoing portfolio review will result in any transaction, and no specific timeline has been established for the completion of the portfolio review. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. Newpark's filings with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as through our website at www.newpark.com.
Contacts: | Gregg Piontek Senior Vice President and Chief Financial Officer Newpark Resources, Inc. gpiontek@newpark.com 281-362-6800 |
View original content:https://www.prnewswire.com/news-releases/newpark-resources-announces-retirement-of-board-member-301517039.html
SOURCE Newpark Resources, Inc.
FAQ
What announcement did Newpark Resources make on April 4, 2022?
Who is G. Stephen Finley in relation to Newpark Resources?
What impact does Finley's retirement have on Newpark Resources?
