Holli Ladhani has left her role as CEO of Select Energy Services. She is replaced by Chairman and former CEO John Schmitz.
The company, which has its head office in the Galleria area, provides water management solutions to the oil and gas industry. It went public in early 2017 and acquired Rockwater later that year for $620 million in an all-stock transaction.
In the first quarter of 2020, it wrote off all $267 million of goodwill associated with that transaction. The company has a market capitalization of $422 million. Unusually, as of September 2020, the company had cash on hand of $185 million and no debt.
Prior to the Select/Rockwater merger in November 2017, Mr. Schmitz was the CEO of Select and Ms. Ladhani was the CEO of Rockwater. After the deal closed, Mr. Schmitz became executive Chairman.
Ms. Ladhani joined Rockwater as CFO in 2011 and became CEO in May 2015. Prior to that, she had been the CFO of Dynegy.
Ms. Ladhani will receive a cash severance of $3.2 million. That appears to be 2x base salary ($725,000) plus 2x target bonus ($725,000) plus her earned bonus for 2020.