Flotek Industries (market cap $62 million) has hired Elizabeth Wilkinson as its new CFO, effective immediately. She joins from RPG, a global consulting firm and will receive a base salary of $300,000, a one-time bonus of $25,000 and will be granted 60,000 shares of restricted stock.
Flotek is based in NW Houston and is a provider of specialty chemicals to the energy, consumer industrials and food & beverage industries. For the nine months to Sept, the business had an operating loss of $19 million (excluding goodwill impairment). The stock currently trades at $1.12.
Ms Wilkinson replaces Matt Marietta who was the company’s VP of Finance & Corporate Development. Mr Marietta was only promoted to that role in March 2018, having joined Flotek a year earlier. Mr Marietta had a base salary of $335,000 and will receive severance compensation of 150% ($0.5 million).
Rich Walton, the company’s Chief Accounting Officer (and who formerly held the CFO position on two separate occasions) has also left the company. He had a base salary of $375,000. According to the annual proxy, Mr Walton is not entitled to severance compensation.
Sally Cheadle, who joined in 2017, will continue to serve as the VP and Corporate Controller.