Struggling chemical company hires new CFO

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.

SEC filing

 

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