Flotek Industries has announced that CFO Elizabeth Wilkinson has left the company. The company is looking for a replacement.
Flotek develops and supplies chemistry and services to the oil and gas industry. It has its head office in NW Houston. Following the sale of its non-oilfield chemicals business to Archer Daniel for $175 million in cash in January 2019, it has revenues of around $100 million.
In December 2019, the company appointed a new CEO, John Gibson who moved over from Tudor, Pickering Holt, an investment bank.
Ms Wilkinson was appointed CFO in December 2018. The short press release states that her termination was without cause. She will be paid severance according to her terms of employment with the company.
According to the annual proxy, Ms Wilkinson will receive 1.5 time base salary ($350,000) plus target annual bonus (75% of base). In total, she will receive $919,000 in severance, to be paid in nine monthly instalments.
Flotek has been in the news for three reasons recently
- In April, the company received a $4.8 million Paycheck Protection Program loan, even though, at the end of March, it had $80 million cash on hand and no outstanding debt.
- In May, the company acquired JP3 Measurement, a data analytics company, for $25 million in cash and 11.5 million shares.
- The company announced it had identified two deficiencies in its internal controls over financial reporting. One relates to elimination of intercompany profits in inventory, the other relates to the intangible assets for the now-sold chemicals business. The company will be filing an amended annual report for 2019.