NOV forms spinoff distribution company, names management

National Oilwell Varco (NOV) has formed NOW Inc to serve as the independent, publicly traded distribution company for its proposed plan to spin off to its shareholders its distribution business. The business intends to operate under the name DistributionNOW.

NOV previously announced that Merrill A. “Pete” Miller Jr. will become the executive chairman of the distribution company on the effective date of the spinoff. NOV also named members of the executive management team for the new company. Robert Workman will become CEO of the distribution company, Daniel Molinaro will become its chief financial officer, and David Cherechinsky will become its chief accounting officer.

Mr Workman started with NOV in 1991 and has held various managerial positions with the distribution business group. He has served as president – distribution services since January 2001. He also serves as the chairman of the Petroleum Equipment Suppliers Association and is a member of the IADC, IPAA and API.

Mr Molinaro is vice president & treasurer of NOV and has served as treasurer since 1987. Prior to joining the company, he was comptroller of the oilwell division of USX Corp in Dallas, Texas. He started with US Steel Corp in 1968 and has held various managerial positions in auditing, accounting and finance.

Mr Cherechinsky has served as vice president – finance for the distribution business group since 2003 and as vice president – finance for the company’s distribution & transmission business segment since 2011. He started with NOV in 1989 in various corporate roles, including internal auditor, credit management and business analyst. He has an MBA and is a CPA.