January 9, 2019
A longtime oil and gas executive and analyst is taking over the reigns of Flotek Industries, the Houston petroleum industry support company.
John W. Gibson Jr. takes over from John Chisholm as chairman of the company’s board (a post Chisholm has held since May 2019 — he is now stepping down from the board), with Mr. Gibson also the new president and CEO.
Flotek noted that Gibson has extensive industry leadership experience with Tudor, Pickering, Holt & Company, Tervita Corporation, Paradigm Geophysical, Landmark Graphics Corporation, Halliburton and Chevron.
As part of Gibson’s compensation for his new positions, he has 570,000 restricted stock units that will vest over five years, “time-vesting options to purchase up to 1,000,000 shares of the company’s common stock that will vest over five years, and performance-vesting options to purchase up to 2,000,000 shares of common stock that will vest based on achievement of the closing stock price for the Company’s common stock for a 20 consecutive trading day period — with full vesting at closing prices at or above $7.20 per share for a 20 consecutive trading day period,” Flotek said in a statement.
The options have an exercise price of $1.93 per share.
He’ll also have the 90-day-limited right to purchase up to 500,000 shares of common stock at the then-current market price.
Mr. Gibson commented, “I join Flotek today with gratitude, excitement and focused commitment as we embark on building the Company’s next chapter.
“I look forward to engaging with the company’s diverse stakeholders to gain a broad perspective of current and future opportunities to leverage Flotek’s chemistry technologies to enhance hydrocarbon recovery while reducing the total cost of ownership for E&Ps.”