Cactus Announces Appointment of Jay Nutt as Chief Financial Officer
Cactus (NYSE: WHD) has announced the appointment of Jay Nutt as Executive Vice President, Chief Financial Officer, and Treasurer, effective June 3, 2024.
Mr. Nutt brings extensive financial leadership experience, having served as Senior Vice President and CFO of ChampionX and its predecessor Apergy from 2018 to 2021.
He held various financial leadership roles at TechnipFMC plc and FMC Technologies, including Senior Vice President and Controller.
Mr. Nutt has degrees in accounting from Michigan State University and an MBA from Loyola University of Chicago.
Scott Bender, CEO and Chairman of Cactus, expressed confidence that Nutt's experience will benefit the company.
- Appointment of an experienced CFO with a proven track record in the oilfield services sector.
- Jay Nutt's background includes significant financial leadership roles at ChampionX , Apergy , TechnipFMC plc, and FMC Technologies.
- Mr. Nutt has guided companies through dynamic stages of growth and change, which may positively impact Cactus's strategic direction.
- The appointment may boost investor confidence in Cactus's financial management capabilities.
- Transition period until June 2024 may create interim uncertainty in financial leadership.
- Potential risks associated with any leadership change, including integration and strategic alignment.
Mr. Nutt is a long-tenured financial executive, having served from 2018 until 2021 as Senior Vice President and Chief Financial Officer of ChampionX Corporation (“ChampionX”) and its predecessor Apergy Corporation, prior to its merger with ChampionX Holding, Inc. the upstream energy business of Ecolab, Inc. Prior to ChampionX and Apergy Corporation, Mr. Nutt served in various financial leadership capacities with TechnipFMC plc and FMC Technologies, including as Senior Vice President and Controller from 2017 to 2018, Vice President, Controller and Treasurer from 2015 to 2017, and Vice President and Controller from 2009 through October 2015. Mr. Nutt became Corporate Controller of FMC Technologies, Inc. in 2008 and prior to that held multiple positions in FMC Corporation and FMC Technologies, leading the financial operations of multiple business units. Mr. Nutt received his undergraduate degree in accounting from Michigan State University and an MBA from Loyola University of
Scott Bender, CEO and Chairman of the Board of Cactus, commented, “On behalf of the Board of Directors, I am very excited to welcome Jay to the Cactus team. He is an accomplished and experienced global oilfield services CFO with a demonstrated record of success in guiding companies through dynamic stages of growth and change. I am confident that his experience will serve the Company well.”
“Additionally, I would like to thank Al Keifer for his contributions as Interim CFO over the past several months and wish him well as he resumes his well-earned retirement.”
About Cactus, Inc.
Cactus designs, manufactures, sells or rents a range of highly engineered pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers throughout
View source version on businesswire.com: https://www.businesswire.com/news/home/20240528845260/en/
Cactus, Inc.
Alan Boyd, 713-904-4669
Director of Corporate Development and Investor Relations
IR@CactusWHD.com
Source: Cactus, Inc.
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