Flotek Industries has appointed Mike Borton as its new CFO. He replaces Elizabeth Wilkinson, who left in June. The company, which has its head office in NW Houston, develops and supplies oilfield chemicals. The company recently acquired JP3, data analytics business for $34 million.
Mr Borton was recently the CFO at Dynasty Sports and Entertainment, a Boca Raton-based data analytics company from April 2019 to July 2020. Prior to that, he was the CFO at a couple of SaaS (Software-as-a-service) companies.
Mr Borton will be relocating back to Houston. Earlier in his career, he spent five years as Group Controller at Landmark Graphics, during which the business was acquired by Halliburton. He will receive a one-time relocation allowance of $25,000.
The salary of Mr Borton will be $340,000, and he will eligible for a target annual bonus of 80% of base salary. If he is terminated without cause, he will receive a severance amount of 12 months’ worth of base salary.
The share price of the company (currently $1.38) has recently recovered such that the company has regained compliance with the listing standards of the New York Stock Exchange.