HOUSTON, June 1, 2015 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company') (NYSE: FTK) today announced the appointment of Robert M. Schmitz as Executive Vice President and Chief Financial Officer, succeeding H. Richard Walton, who has been named Chief Financial Officer Emeritus and will remain a key part of Flotek's financial leadership team.
"This planned transition continues the evolution of Flotek's leadership team, recognizing both Rich and Rob's important contributions to the growth of Flotek and, more importantly, the incredible improvements in our financial accountability process," said John Chisholm, Chairman, President and Chief Executive Officer of Flotek. "Through Rich and Rob's leadership over the past two years, we have become an industry leader in timely filings and have developed internal accounting and financial reporting practices that have been key to building a more efficient business. These appointments recognize that hard work and position Flotek to continue its 'best-in-class' accounting and financial practices."
Mr. Schmitz served as Flotek's Vice President and Corporate Controller since June, 2013. Prior to joining Flotek, Mr. Schmitz served as Vice President and Chief Accounting Officer at Champion Technologies Inc., a major supplier of production chemicals to the Oil and Gas industry. Mr. Schmitz also worked at Shell Oil Company, ultimately serving as Chief Financial Officer of the Shell Energy Services division. He also worked as Accounting Director at Dynegy. Mr. Schmitz graduated from Kansas State University with a degree in Business Administration and is a Certified Public Accountant.
"Rob's significant experience in energy and chemistry accounting combined with important contributions to Flotek since joining the firm in 2013 make him uniquely qualified to step into this new role without missing a beat," added Chisholm. "He has built a strong accounting team and has gained a deep understanding of our business and our culture over the past two years which will serve him well as Flotek continues to grow."
Mr. Walton has served as Flotek's Chief Financial Officer since January, 2013. Prior to joining Flotek, Mr. Walton spent his entire 30 year career in public accounting, including 20 years as an audit partner at KPMG. His experience includes financial statement audits and registration of securities with the SEC. Following his retirement from KPMG, LLP in 2003, Mr. Walton served as a consultant to public companies, including Flotek since 2010. Mr. Walton is a certified public accountant and has served as an officer in the United States Army. He holds a Bachelor's degree from Westminster College in Economics and Business Administration. He currently serves as Chairman of the Board of Houston Hospice, Chairman of the Finance Committee of DePelchin Children's Center and as a member of the Board of Trustees of the Retina Research Foundation.
"Rich's contributions to Flotek cannot be overstated and I am delighted he has agreed to remain an important part of our financial leadership team," added Chisholm. "In his new role he will remain a key component of our public filing and compliance team, serve as a strategic resource to Rob and our accounting team and remain a central mentor and resource for other members of our finance team. Rich's vast experience in public audit and accounting is something we rely on daily and I consider him an important advisor on a plethora of financial issues."
Mr. Schmitz and Mr. Walton will remain based in the Company's Houston headquarters. Flotek does not anticipate any significant additional accounting staff changes as a result of Mr. Schmitz's promotion.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. Flotek Industries, Inc. 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 Flotek's web site at 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 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. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Company's ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10-K (including without limitation in the "Risk Factors" Section), 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.
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SOURCE Flotek Industries, Inc.