MRC Global has appointed Rob Saltiel as its new CEO. He replaces Andrew Lane, who announced plans to retire in May 2020. Mr. Lane has been the CEO since 2008.
MRC is a global distributor of pipes, valves and fittings to all segments of the energy industry (E&P, midstream including gas utilities, and downstream). The company, formerly known as McJunkin Red Man, was founded 100 years ago and has its headquarters in downtown Houston. It went public in 2012 and has a market capitalization of $778 million.
Mr. Saltiel was formerly the CEO of Key Energy Services. He was in that role for just 16 months, leaving in December 2019, just ahead of a bankruptcy filing. He did, however, leave with a $2.5 million severance. Prior to that, he was the CEO of Atwood Oceanics from 2009 to 2017.
Mr. Saltiel will receive a base salary of $825,000. He also receives $1.65 million in restricted stock units that will vest over three years and the same amount in performance stock units. These will vest after three years, subject to the performance of the stock price.
Mr. Lane will receive the equivalent of his pro-rated annual salary ($900,000) through the end of the year, his original planned retirement date. Instead of a severance payment, the Board awarded Mr. Lane 600,000 restricted stock units worth almost $6 million.
Kelly Youngblood is the CFO of MRC. He was appointed in September 2019.