Ryan Hummer, CFO of NCS Multistage Holdings, has been appointed CEO, effective November, 1, 2022. He replaces Robert Nipper, the company’s co-founder, who is stepping down, though Mr. Nipper will remain on the Board. The company described it as part of their normal succession planning.
The company manufactures highly engineered products used in fracking and the majority of its sales are in Canada. It has its head office in NW Houston. The company was formed in 2006 and went public in April 2017 with an IPO stock price of $17 per share. Soon after, its market cap rose over $1 billion, before crashing in late 2019. The current market cap is $78 million.
The company is looking at both internal and external candidates to replace Mr. Hummer.
Mr. Hummer has an investment banking background and joined the company in July 2014 as VP of Corporate Development. He was later promoted to CFO in November 2016.
Mr. Hummer will receive a base salary of $450,000. That’s a considerable bump on both his previous salary as CFO ($250,000) and Mr. Nipper’s ($300,000).
SEC filing – NCS Multistage CEO