NOW Inc. names new CEO
NOW Inc. has promoted CFO David Cherechinsky to lead the company as full-time chief executive officer.
Cherechinsky will take over the CEO role from Dick Alario, a current board director who stepped in as interim CEO during a leadership transition in November 2019. In his new role, Alario will continue advising the company as executive vice chairman and will work alongside Cherechinsky for a brief transition period as Cherechinsky assumes his role as the new CEO.
“At the end of 2019, DNOW embarked on a significant cost and structural transformation initiative to improve the company’s market position, and Dave has played a central role in shaping our strategy and driving those projects to maximize our competitive advantage,” said Wayne Richards, chairman of the board of DistributionNOW. “Dave is a well-established leader with a strong track record of driving innovation across the business, and the board is confident that he’s the best candidate to continue the transformation that is underway, especially during these unprecedented global economic challenges.”
“Dave understands DNOW’s business from multiple vantage points, having taken on a variety of strategic responsibilities for the Company and its predecessor, National Oilwell Varco (NOV), from which it spun out. He is widely respected by our customers, suppliers, investors and employees, which is something we value in a leader as the Company evolves in this rapidly changing world,” Richards added. “After a thorough and productive external and internal search process, the board determined that Dave brings significant value and stability to the CEO position and a deep knowledge of DNOW’s business. The Board thanks the members of the search committee for its work to provide the Board with excellent candidates from which to choose.”
Prior to becoming CFO of DNOW in 2018, Cherechinsky served as the company’s chief accounting officer and, before that, as vice president of finance for the NOV Distribution & Transmission business segment. He began his career at NOV in 1989.
“I am honored to be taking on these new responsibilities as we transform DNOW into a digitized distributor to energy and industrial markets, an initiative that puts more focus on our customers and suppliers. I believe our market-disruptive ecommerce platform, DigitalNOW, will revolutionize oilfield distribution as we leverage technology to make it easier for customers to do business with us,” said Cherechinsky. “We are well positioned to weather this downturn with a vastly improved cost structure, zero debt and ample liquidity, which will fortify our position for a sustainable future.”
Mark Johnson will succeed Cherechinsky as chief financial officer. Johnson has served as DNOW’s chief accounting officer and vice president, corporate controller since 2018.
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