Dr. Ezell Brings Over Two Decades of
Leadership and Operating Experience in the Energy Industry
Interim CEO Harsha V. Agadi To Be Appointed
Non-Executive Chairman of the Board and Will Assist with the
Leadership Transition
HOUSTON, June 7, 2023
/PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company")
(NYSE: FTK), a leader in technology-driven specialty green
chemistry and data analytics solutions, today announced that
President Ryan Ezell has been named
Chief Executive Officer of Flotek and will join the Board of
Directors, effective June 8, 2023. He
succeeds interim CEO Harsha V.
Agadi, who has been elected Non-Executive Chairman of the
Board, effective June 8, 2023,
succeeding David Nierenberg, who
will remain on the Board and serve on the Audit, Corporate
Governance & Nominating, Compensation and Risk &
Sustainability Committees.
Mr. Agadi said, "Ryan is the right leader for Flotek's future.
With hands-on experience across different areas of the Company,
Ryan brings unique and deep strategic, operational, and customer
knowledge that equip him to drive Flotek's continued growth for the
benefit of our shareholders, customers, and employees. His
leadership over the past few months has helped put the Company in a
strong position to achieve our previously disclosed full-year 2023
guidance of $210 million to
$230 million in revenue and an
adjusted gross profit margin of 8% to 10%. I look forward to
working with Ryan to ensure a seamless transition."
Mr. Nierenberg, the former Non-Executive Chairman and
second-largest shareholder of Flotek, said, "On behalf of the
entire Board, I am thrilled to welcome Ryan as the next CEO of
Flotek, following a thorough and competitive search process
involving both internal and external candidates. We are confident
that Ryan's proven record of success and deep understanding of the
business and energy industry make him the ideal leader to capture
attractive market opportunities and take the Company into its next
phase of profitable growth. We thank Harsha for his outstanding
leadership as we worked to identify our permanent CEO.
"I also want to congratulate Harsha on his election as
Non-Executive Chairman of the Board. His recent successful
experience leading the Company will be invaluable to his new role.
I'm pleased to be remaining on the Board and look forward to
working with Harsha, my fellow Directors, and Ryan's team as he
launches Flotek's next chapter of success and value creation."
Under Mr. Agadi's leadership as interim CEO, the Company
recorded a 273% increase in first quarter 2023 total revenue
compared to the same period in the prior year. This growth reflects
significant progress toward becoming the collaborative partner of
choice for sustainable optimized chemistry and integrated data
solutions for energy companies across the globe.
Dr. Ezell said, "Over the past few months, I have worked closely
with Harsha to co-develop Flotek's growth strategy. We are already
seeing momentum at the Company, with strong gross profit growth in
the first quarter – but that is just the beginning. Today, Flotek
is better positioned than ever before to bring affordable,
sustainable energy to more customers around the world. I look
forward to building on our strong foundation to drive growth and
increased shareholder value over the coming years."
About Ryan Ezell
With a career spanning more than 20 years in the energy
industry, Dr. Ezell brings extensive international and multiple
business segment experience. He has managed a business with
revenues exceeding $2.8 billion and
teams of over 5,500 employees, and has a proven track record of
driving profit and growth in many market environments.
Dr. Ezell has served as both President and Chief Operating
Officer of Flotek, during which he engineered and executed a
strategic turnaround, resulting in contracts that grew revenue more
than 3X from 2021 to 2022, and increased revenue backlog to over
$2.1 billion. Prior to that, he was
the President of Flotek's Chemistry Technologies segment, where he
led a shift in the chemistry technologies portfolio and an
evolution of the business' strategy that resulted in growth that
outpaced the market and market share gains of over 10X in a year.
He began his tenure at Flotek as Senior Vice President of
Operations, during which he drove an operational restructuring that
led to a 60%+ reduction in costs across manufacturing, logistics,
field service, delivery, facilities, and personnel.
Prior to joining Flotek, Dr. Ezell held various leadership roles
over the course of a decade at Fortune 500 global energy company
Halliburton, where he drove strategy and growth, contributed to
merger and acquisition strategies, and implemented change
management. He also served as a member of Haliburton's Technology
Review Board and a member of the Board on four company joint
ventures.
Dr. Ezell has a Ph. D. in Polymer Science from the University of Southern Mississippi and a Bachelor
of Science in Chemistry from Millsaps
College. He is a published scientist and is an author on
more than 26 patents.
About Flotek Industries, Inc.
Flotek Industries, Inc. creates unique solutions to reduce the
environmental impact of energy on air, water, land and people. A
technology-driven, specialty green chemistry and data company,
Flotek helps customers across industrial and commercial markets
improve their environmental performance. The Company's primary
focus is to enable its customers to maximize the value of their
hydrocarbon streams and improve return on invested capital through
its real-time data platforms and green chemistry technologies.
Flotek serves downstream, midstream, and upstream energy customers,
both domestic and international. In addition, the Company is
positioned to integrate parallel industrial chemistry and data
platforms by capitalizing on its digitization, engineering,
chemical formulation knowledge, and intellectual property to drive
multi-disciplinary advancements in sustainability and enterprise
risk management. Flotek is a publicly traded company headquartered
in Houston, Texas, and its common
shares are traded on the New York Stock Exchange under the ticker
symbol "FTK." For additional information, please visit
www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this press release constitute
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) regarding Flotek Industries, Inc.'s business,
financial condition, results of operations and prospects.
Words such as will, continue, expects, anticipates, intends, plans,
believes, seeks, estimates and similar expressions or variations of
such words are intended to identify forward-looking statements, but
are not the exclusive means of identifying forward-looking
statements in this press release. Although forward-looking
statements in this press release reflect the good faith judgment of
management, such statements can only be based on facts and factors
currently known to management. Consequently, forward-looking
statements are inherently subject to risks and uncertainties, and
actual results and outcomes may differ materially from the results
and outcomes discussed in the forward-looking statements.
Further information about the risks and uncertainties that may
impact the company are set forth in the Company's most recent
filing with the Securities and Exchange Commission on Form 10-K
(including, without limitation, in the "Risk Factors" section
thereof), and in the Company's other SEC filings and publicly
available documents. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company undertakes no
obligation to revise or update any forward-looking statements in
order to reflect any event or circumstance that may arise after the
date of this press release.
Inquiries, contact:
Bond Clement
Chief Financial Officer
E:
ir@flotekind.com
P: (713) 726-5322
Simone Leung
Kekst CNC
E: simone.leung@kekstcnc.com
P: (212) 521-4800
View original
content:https://www.prnewswire.com/news-releases/flotek-promotes-president-ryan-ezell-to-ceo-301844494.html
SOURCE Flotek Industries, Inc.