TETRA Technologies, Inc. Announces Planned Retirement Of Paul D. Coombs From Its Board Of Directors
TETRA Technologies, Inc. (NYSE: TTI) announced the retirement of Paul D. Coombs from its Board of Directors, effective after the 2021 Annual Meeting. Coombs, who has been with TETRA since 1982 and has served on the board since 1994, was recognized for his significant contributions to the company. The board plans to reduce its size from eight to seven members as part of cost-cutting measures. TETRA is an oil and gas services company focusing on completion fluids, water management, and related services, and owns an equity interest in CSI Compressco LP (NASDAQ: CCLP).
- Paul D. Coombs' long tenure and expertise have contributed significantly to TETRA's growth and success over 39 years.
- The board's decision to reduce its size may reflect a strategic move to enhance efficiency and reduce costs.
- The retirement of Coombs may raise concerns about continuity and experience on the board.
THE WOODLANDS, Texas, Jan. 7, 2021 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE: TTI) announced today that Paul D. Coombs has informed the Board of Directors of his intent to retire from TETRA's board following completion of the 2021 Annual Meeting of TETRA Stockholders. The Board of Directors expressed its congratulations to Mr. Coombs for his career, and gratitude for his contributions to the success of TETRA. In connection with Mr. Coombs' retirement, the board expects to reduce its size from eight to seven members as a cost reduction measure appropriate in the current environment.
Mr. Coombs joined TETRA in 1982 and held several positions of increasing responsibility during his tenure, including Executive Vice President of Strategic Initiatives, Chief Operating Officer, and Senior Vice President of Oil and Gas. His intimate knowledge of the Company's operations, combined with his industry relationships, were instrumental in the growth and success of TETRA from its earliest beginnings. He was appointed to the TETRA Board of Directors in 1994. Mr. Coombs retired as an executive officer in 2007 and has continued to serve TETRA as an active and engaged board member.
"The TETRA board and I deeply appreciate Paul's long record of accomplishments, and we thank him for the commitment, leadership, and many contributions over his 39 years with TETRA," said Chairman of the Board William D. Sullivan. "As an executive officer Paul led and shaped many important initiatives at TETRA, and as a board member he provided valuable insight from operational, strategic, and customer relationship perspectives. We wish him the best in his retirement."
"I would like to thank TETRA and its employees for their hard work and dedication," Mr. Coombs said. "I appreciate the many close friendships that have developed during my time at TETRA."
Company Overview
TETRA Technologies, Inc., is a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback, production well testing, and compression services and equipment. TETRA owns an equity interest, including all of the general partner interest, in CSI Compressco LP (NASDAQ: CCLP), a master limited partnership. The capital structures, including long-term debts, of TETRA and CSI Compressco LP are distinct and separate with no cross-default provisions, no cross-collateralization provisions, and no cross-guarantees.
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SOURCE TETRA Technologies, Inc.
FAQ
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