Cactus Announces New Appointment to Board of Directors

Rhea-AI Summary

Cactus, Inc. (NYSE: WHD) announced the appointment of Mr. Tym Tombar to its Board of Directors, effective July 1, 2021. Tombar, a co-founder of Arcadius Capital Partners, has extensive experience in energy private equity and investment banking. His expertise is expected to enhance the board's capabilities. Following this appointment, the board now consists of nine members, including six independent directors. Cactus specializes in designing and manufacturing wellhead and pressure control equipment, serving major oil and gas regions in the U.S. and Eastern Australia.

Positive

• Appointment of Tym Tombar brings valuable expertise in energy and investment fields.
• Increased board independence with six out of nine directors being independent.

Negative

• None.

Cactus, Inc. (NYSE: WHD) (“Cactus”) today announced that Mr. Tym Tombar has been appointed to the Company’s Board of Directors (the “Board”) and will serve on its audit committee and compensation committee, effective July 1, 2021. Mr. Tombar is a Co-Founder of Arcadius Capital Partners (“Arcadius”) and its predecessor, SW Capital Partners. Arcadius is an energy private equity firm that provides growth capital to start-ups and early-stage companies in the upstream oil and gas industry. Prior to co-founding Arcadius, he was a Managing Director and co-head of Scotiabank’s Energy Private Equity group. Previously, Mr. Tombar also held various positions at Goldman, Sachs & Co, including leading deal teams through the sourcing, execution and management of primary market energy investments in securities and loans and working within the investment banking division. With the addition of Mr. Tombar, the Board is now composed of nine members, including six independent directors.

Scott Bender, President and CEO of Cactus, stated, “We are pleased to welcome Mr. Tombar as an independent director. His leadership experience in the energy and investment fields make him an ideal addition to our Board. We believe the Board of Directors will greatly benefit from his expertise.”

About Cactus, Inc.

Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. 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 all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, SCOOP/STACK, Marcellus, Utica, Haynesville, Eagle Ford and Bakken, among other areas, and in Eastern Australia.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210610005964/en/

FAQ

Who is Tym Tombar and what experience does he bring to WHD?

Tym Tombar is a co-founder of Arcadius Capital Partners, with extensive experience in energy private equity and investment banking, making him a valuable addition to WHD's Board.

What changes occurred in Cactus's Board of Directors?

Mr. Tym Tombar was appointed to Cactus’s Board of Directors, effective July 1, 2021, increasing the independence of the board.

How many members are on Cactus's Board of Directors now?

After the appointment of Tym Tombar, Cactus's Board now consists of nine members, including six independent directors.

What is the significance of adding an independent director to WHD's Board?

Adding an independent director like Tym Tombar can enhance governance and bring fresh perspectives to the Board's decision-making.

What sectors does Cactus, Inc. operate in?

Cactus, Inc. operates in the oil and gas sector, designing and manufacturing wellhead and pressure control equipment primarily for onshore unconventional wells.