UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Retirement of Scott K. Duff as Vice President, Corporate Controller and Chief Accounting Officer
On September 27, 2021, NOV Inc. (the “Company”) issued a press release announcing that Scott K. Duff, Vice President, Corporate Controller and Chief Accounting Officer, notified the Company of his intention to retire. Effective November 1, 2021, Mr. Duff will step down from his current position and transition into a non-executive advisory role, remaining an employee of the Company until February 28, 2022 (the “Retirement Date”). To assist in the transition of Mr. Duff’s duties and responsibilities, it is anticipated that Mr. Duff and the Company will enter into a consulting agreement (the “Consulting Agreement”) on or about the Retirement Date, pursuant to which he will render consulting advice and services to the Company regarding the organization’s accounting functions, ledgers and financial accounts, and other reporting and auditing functions. Under the terms of the Consulting Agreement, Mr. Duff will receive the following compensation and benefits: (1) a monthly retainer fee of $15,833; (2) continued vesting of his outstanding stock options and time-based restricted stock awards during the consulting period; and (3) up to five years of continued coverage under the Company’s group health plan. The Consulting Agreement will remain in effect for a term of up to two years.
Mr. Duff’s retirement was not as a result of any issues or disagreements with the Company, including on any matters related to the Company’s financial disclosures, accounting policies or practices.
Appointment of Christy H. Novak as Vice President, Corporate Controller and Chief Accounting Officer
On September 27, 2021, the Company issued an internal announcement regarding the appointment of Christy Novak, age 49, as Vice President, Corporate Controller and Chief Accounting Officer of the Company, which is effective as of November 1, 2021 (the “Appointment Date”). Since August of 2020 Ms. Novak has served as NOV’s Vice President of Accounting Systems, where she has been leading efforts to design, implement, rationalize, and improve efficiencies of the Company’s accounting systems and processes. From October 2013 to August 2020, she served as the Vice President of Finance for the Company’s Rig Technologies operating segment. During her 16 years with NOV, Ms. Novak has advanced through several positions of increasing responsibility and has successfully led initiatives to strengthen and streamline the accounting function and develop talent within the finance organization. Prior to joining NOV, she spent nearly 10 years in public accounting with Ernst & Young where she served various audit clients in the manufacturing and energy industries. Ms. Novak graduated from Texas A&M University with a BBA in Accounting and is a Certified Public Accountant.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibit is provided as part of the information furnished under Item 5.02 of this Current Report:
99.1 | NOV Inc. press release dated September 27, 2021 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
NOV INC. | ||
By: | /s/ Brigitte M. Hunt | |
Brigitte M. Hunt | ||
Vice President |
Date: September 27, 2021
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Exhibit 99.1
NEWS | Contact: Blake McCarthy (713) 815-3535 |
FOR IMMEDIATE RELEASE
NOV ANNOUNCES CHIEF ACCOUNTING OFFICER RETIREMENT AND APPOINTMENT
HOUSTON, TX, September 27, 2021 NOV Inc. (NYSE: NOV) today announced Scott K. Duff Vice President, Corporate Controller and Chief Accounting Officer, notified the Company of his intention to retire. Mr. Duff will step down from his current role effective November 1, 2021 and remain employed as an advisor until his retirement on February 28, 2022. Christy H. Novak will succeed Mr. Duff as Vice President, Corporate Controller and Chief Accounting Officer effective November 1, 2021.
On behalf of the entire organization I would like to thank Scott for his innumerable contributions during his nearly 18-year career with NOV, commented Jose Bayardo, Senior Vice President and Chief Financial Officer. Scotts leadership, underpinned by intelligence, rigor, discipline and integrity, will have a lasting influence on our organization. I am especially grateful for the deep bench of talented professionals he developed and mentored within our accounting organization, including Christy Novak, who will carry forward his legacy of excellence. Scott will be greatly missed by all of us at NOV and we wish him the very best in his retirement.
We are excited to announce the promotion of Christy Novak to be NOVs Chief Accounting Officer. As a key executive within our finance organization over the past 16 years, Christy has proven her capabilities as a builder and leader of high performing teams, a driver of continuous process improvements, and a strong technical accountant. She is a true professional and we are eager to see the positive impact she will have on our accounting group and on the broader organization as a member of the leadership team within NOV.
Christy Novak has served as NOVs Vice President of Accounting Systems since August 2020, where she has been leading efforts to design, implement, rationalize, and improve efficiencies of NOVs accounting systems and processes. From October 2013 to August 2020, she served as the Vice President of Finance for the Companys Rig Technologies operating segment. During her 16 years with NOV, Ms. Novak has advanced through several positions of increasing responsibility and successfully led initiatives to strengthen and streamline accounting functions. Prior to joining NOV, she spent nearly 10 years in public accounting with Ernst & Young where she served various audit clients in the manufacturing and energy industries. Ms. Novak graduated from Texas A&M University with a BBA in Accounting and is a Certified Public Accountant.
About NOV
NOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOVs deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
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Visit www.nov.com for more information.
CONTACT:
Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
Blake.McCarthy@nov.com
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Document and Entity Information |
Sep. 27, 2021 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001021860 |
Document Type | 8-K |
Document Period End Date | Sep. 27, 2021 |
Entity Registrant Name | NOV INC. |
Entity Incorporation State Country Code | DE |
Entity File Number | 1-12317 |
Entity Tax Identification Number | 76-0475815 |
Entity Address, Address Line One | 7909 Parkwood Circle Drive |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77036 |
City Area Code | (713) |
Local Phone Number | 346-7500 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, par value $0.01 per share |
Trading Symbol | NOV |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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