- Push-out Score determined
- After 16 years in the position
- Praise, thanks, words of regret and good wishes for Howes
- Matthew Lanigan taking over
- Howes said 66 words
(exechange) — The Woodlands, Texas, August 23, 2021 — Paul Howes, chief executive of Newpark, leaves his post. His departure is made public at an early stage. As announced by Newpark Resources Inc. in a news release and in a regulatory filing published on Monday, August 23, 2021, Paul L. Howes leaves his post as chief executive officer at the provider of drilling fluids systems and composite matting systems used in oilfield and other commercial markets, after 16 years in the role, effective February 28, 2022.
It is the end of an era.
Paul Howes’s duties as CEO will be taken over by Matthew Lanigan, currently President of the Industrial Solutions operating segment at Newpark Resources Inc.
“The Board has thoroughly evaluated several highly qualified candidates”
Paul Howes’s departure from the CEO post is explained as follows. Tony Best, Newpark Chairman of the Board, said: “Over the past year, the Board has thoroughly evaluated several highly qualified candidates, all of whom possessed many of the skills we were looking for in a CEO.”
Precise information regarding Paul Howes’s future plans was not immediately available.
“Retire”
Newpark said: “Paul Howes, President and Chief Executive Officer, intends to retire as an officer of Newpark on February 28, 2022, and be succeeded at such time by Matthew Lanigan, the current President of Newpark’s Industrial Solutions operating segment.”
Share price decline since August 2018
The announcement follows a decline in Newpark Resources Inc.’s share price of 80% since August 2018.
Chaired by Tony Best
Tony Best serves as Newpark Resources Inc.’s Chairman.
Anthony J. Best joined the Company’s Board of Directors in March 2014 and has served as Chairman of the Company’s Board of Directors since May 2018.
In the position of CEO since 2006
Paul Howes became CEO of the Company in 2006.
No decision has been made as to whether Howes will remain on the Board after his retirement.
Effective September 1, 2021, Howes’ title will change from “President and Chief Executive Officer” to “Chief Executive Officer”.
Howes joined the Company’s Board of Directors and was appointed as the Company’s Chief Executive Officer in March 2006.
In June 2006, Howes was also appointed as the Company’s President.
Howes’ career has included experience in the defense, chemicals and plastics manufacturing, and the packaging industries.
Following the sale of his former company in October 2005 until he joined the Company’s Board of Directors in March 2006, Howes was working privately as an inventor and engaging in consulting and private investing activities.
From December 2002 until October 2005, he served as President and Chief Executive Officer of Astaris LLC, a primary chemicals company headquartered in St. Louis, Missouri, with operations in North America, Europe and South America.
Prior to this, from 1997 until 2002, he served as Vice President and General Manager, Packaging Division, for Flint Ink Corporation, a global ink company headquartered in Ann Arbor, Michigan with operations in North America, Europe, Asia Pacific and Latin America.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Paul Howes’s move on a scale of 0 to 10.
exechange reached out to Newpark and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2021 ($).