Forum Energy CEO Cris Gaut hands over to Prady Iyyanki

  • After almost seven years on the job
  • Laud and praise for Gaut
  • Gaut will remain as Executive Chairman
  • Gaut made a lengthy statement and said 99 words

(management-change.com) — Houston, Texas, February 21, 2017 — This news came on Presidents Day. Cris Gaut, chief executive of Forum Energy, hands over the reins. As announced by Forum Energy Technologies, Inc. in a news release published on Monday, February 20, 2017 and in a regulatory filing published on Tuesday, February 21, 2017, C. Christopher (Cris) Gaut leaves the post as Chief Executive Officer at the oilfield products company after almost seven years on the job, effective May 16, 2017.

Gaut’s duties are taken over by Prady Iyyanki, currently President and Chief Operating Officer at Forum Energy Technologies, Inc.

“As part of a long planned transition”

The management change is explained as follows. Forum Energy said: “As part of this long planned transition, Mr. C. Christopher Gaut, the current Chief Executive Officer, will become Executive Chairman of the Company’s board of directors.”

Share price rise since February 2016

The change follows a rise in the share price of Forum Energy Technologies, Inc. since February 2016.

L.E. Simmons & Associates holds 21.51 percent stake

L.E. Simmons & Associates Incorporated reported a 21.51 percent stake in Forum Energy Technologies, Inc. as of December 31, 2016.

On the job as CEO since 2010

Gaut has served as Forum Energy’s Chief Executive Officer and Chairman of the board of directors since August 2010 and as one of Forum Energy’s directors since December 2006.

He served as a consultant to L.E. Simmons & Associates, Incorporated (“LESA”), the ultimate general partner of SCF-V, L.P., SCF 20212A, L.P., SCF-VI, L.P., SCF 2012B, L.P. and SCF-VII, L.P. (collectively, “SCF”), Forum Energy’s largest stockholder, from November 2009 to August 2010.

Gaut served at Halliburton Company, a leading diversified oilfield service company, as President of the Drilling and Evaluation Division and prior to that as Chief Financial Officer, from March 2003 through April 2009.

From April 2009 through November 2009, Gaut was a private investor.

Prior to joining Halliburton Company in 2003, Gaut was the Co-Chief Operating Officer of Ensco International, a provider of offshore contract drilling services.

He also served as Ensco’s Chief Financial Officer from 1988 until 2003.

Gaut is currently a member of the board of directors of Ensco Plc.

Gaut holds an A.B. in Engineering Sciences from Dartmouth College and an M.B.A. from The Wharton School at the University of Pennsylvania.

Read the full story in the management-change.com report 09.2017 ($).