Tag Archives: CFO

Sunnova Energy appoints new CFO

Sunnova Energy International has appointed Eric Williams as its new CFO. He replaces Rob Lane, who will leave the company on June 30.

Sunnova provides solar power systems and other related products such as chargers and energy storage through a network of dealers and partners. Typically, Sunnova funds the initial investment of a system and generates revenue from leasing or power contracts with the customer. The company has its head office in the Greenway Plaza area of Houston.

Mr. Williams was the CFO at Diversified Energy Company, an E&P operator based in Alabama, between July 2017 and September 2023.

Mr. Williams will receive a base salary of $475,000 and a one-time restricted stock and options grant worth $1.25 million. He will also receive up to $100,000 in relocation assistance. He started his career with PricewaterhouseCoopers in Alabama. Mr. Williams later spent 7 years at Houston-based Callon Petroleum, ending up as Director of Investor Relations.

The new CFO will be busy as Sunnova has gross debt of $7.8 billion, which is more than ten times its revenue. Cash flow from operations has been an outflow of at least $130 million in each of the past five years.

At the beginning of May, Sunnova announced it was seeking advice from Moelis & Co about its debt options. There has been no updates since.

SEC filing – 8-K Sunnova appoints new CFO


CFO of Carriage Services steps down after 16 months

Kian Granmayeh is to step down as CFO of Carriage Services (‘CSV’) after less than 16 months at the company. CSV appointed Kathryn Shanley, the Chief Accounting Officer, as its interim CFO. Ms. Shanley only joined the company in March, though she spent many years at Service Corporation International (‘SCI’).

SCI is the market leader in deathcare products, having a market share of around 15%. CSV is a distant second, with a 2-3% market share, along with Park Lawn, a Toronto-based company. SCI, CSV and the US-headquarters of Park Lawn, are all based in Houston.

Park Lawn made a preliminary all-cash offer for CSV in June 2023 that was ultimately rejected by the company. Although the deathcare business generates strong cash flows, CSV has high leverage as it has acquired a lot of businesses in recent years. The company has decided to remain independent and improve profitability through organic growth and automation of back office processes.

CSV has engaged an executive search firm to ‘help identify a Chief Financial Officer with the financial sophistication necessary to drive and execute on the Company’s long-term strategic growth plan’.

Mr. Granmayeh joined CSV in March 2023 from Tellurian, a Houston-based public company that is trying to build an LNG export terminal.

What is strange is that the SEC filing states that Mr. Granmayeh informed CSV that he would resign from his position as CFO, effective July 1, 2024. He and the company have negotiated a new separation agreement that has lower benefits than the one he negotiated when he joined the company.

Under the new agreement, Mr. Granmayeh receives;

  • One year’s salary ($500,000) to be paid over the next year
  • Lump sum payment of $250,000
  • Monthly consultant fee of $20,000 to be paid over the next six months

Under his original agreement when he joined, were Mr. Granmayeh to have been terminated without cause, he would have received;

  • Two years’ salary to be paid over the next two years
  • Pro-rata Target Annual bonus (Target is 100% of base)
  • 100% vesting of outstanding awards of restricted stock and stock options

SEC filing – 8-K Granmayeh release


Houston oilfield services company appoints new CFO

Jay Nutt has been appointed CFO of Cactus Inc, a publicly-traded oilfield services company with its head office in the Memorial City area of Houston. The company has a market capitalization of $4 billion.

Stephen Tadlock, the previous CFO, was appointed CEO of the company’s Spoolable Technologies segment in October 2023. At that time, the company appointed Alan Keifer as the interim CFO. Mr. Keifer, a former Chief Accounting Officer at Baker Hughes, had been providing consulting services to the company since February 2023.

In March, Donna Anderson, the Chief Accounting Officer of Cactus, resigned to take the same position at Bristow Group, another Houston oilfield services company.

Mr. Nutt has plenty of experience in oilfield services. In 2018 he was appointed CFO of Apergy as it became a publicly-traded company carved out of Dover Corporation. When Apergy merged with the Champion Nalco business of Ecolab in 2020 to form ChampionX, he became the CFO of the combined business. He left ChampionX in 2021.

Prior to that, Mr. Nutt spent nearly 30 years at FMC in its various forms. Early on, when FMC was a conglomerate, he spent time in both the Food Processing Equipment and Gold divisions. He joined the oilfield services division in 2001 as it was being spun off as FMC Technologies. He stayed on for a year after its merger with Technip in 2017.

Mr. Nutt will receive a base salary of $450,000.

SEC filing – Cactus CFO appointment

Sunnova CFO to step down

Rob Lane, the CFO of Sunnova International, will be leaving the company. He will leave on the earlier of June 30, 2024 or the appointment of a new CFO. The company has engaged a retained search firm to find his successor.

Sunnova provides solar power systems and other related products such as chargers and energy storage through a network of dealers and partners. Typically, Sunnova funds the initial investment of a system and generates revenue from leasing or power contracts with the customer. The company has its head office in the Greenway Plaza area of Houston.

The company started in 2013 and its operating losses have increased along with its revenues in recent years. In 2023, the company had revenues of $720 million and an operating loss of $243 million. An operating cash flow outflow of $238 million was swamped by a further $2.5 billion in cash used for investing activities.

Maturing debt wall

The problem for the company is that it has gross debt of $7.8 billion, with $2.3 billion of that due to mature before the end of 2025. Rising interest rates have created a double whammy with debt servicing costs rising and revenues growing more slowly as customers become more reluctant to take out leases.

According to a report in Bloomberg on May 1, the company is receiving advice from Moelis & Co on its balance sheet options.


Mr. Lane joined Sunnova as CFO in May 2019 and guided the company through its Initial Public Offering a couple of months later. He joined from Spark Energy, another Houston-based public company.

CEO John Berger, who also joined the company just before the IPO agreed with Mr. Lane that now was a logical time for a CFO transition. Mr. Lane will receive a severance of six months salary and a target annual bonus.

SEC filing – 8-K Sunnova CFO resigns


CFO of struggling Battery company steps down

Microvast CFO, Craig Webster, is to step down and become special advisor to the CEO for one year. No immediate replacement has been named.

Microvast manufactures lithium-ion batteries for commercial electric vehicles. It has a 1,400,000 sq.ft. factory in Huzhou, China and it is in the process of building a 577,000 sq. ft. facility in Clarksville, Tennessee. It has its corporate office in Stafford, TX with other facilities in Florida,  Colorado and Germany.

The company got embroiled in political controversy last year. Originally it was awarded a $200 million grant from the Department of Energy to help finance the Clarksville plant, but the grant was rescinded in May 2023 due to the company’s alleged links with the Chinese government.

CEO Yang Wu resides in Hawaii. The company went public via a SPAC in July 2021. Like many companies taken public in this way, its shares are under water and now trade at 52 cents. For 2023, it had revenue of $307 million and a net loss of $106 million.

The company has shelved completion of the Tennessee facility while it seeks financing.

Mr. Webster became CFO two years ago, though he has been a non-exec director since 2012. A UK citizen, he was living in New Zealand at the time of his appointment. He agreed to relocate to the US after his appointment, though the company just paid for the costs of his immigration expenses.

Under the terms of his separation, Mr. Webster will receive a lump-sum payment of $48,000 and a monthly salary of $16,667 until April 2025.

SEC filing – 8-K – Microvast CFO resigns



Civeo Corporation CFO leaves with immediate effect

Carolyn Stone, CFO of Civeo Corporation, has left the company with immediate effect. Barclay Brewer, the Company’s VP and Controller, has been appointed interim CFO. The company has begun a search for a permanent CFO.

Civeo, based in downtown Houston, provides temporary and long-term accommodations, primarily in the Canadian Oil Sands and Australian natural resource regions. The company has revenues of $700 million and a market capitalization of $365 million. It was spun off from Oil States International in 2014.

Ms. Stone worked as a consultant to Oil States prior to the spin off and was appointed Controller of Civeo after the company went public. She became the CFO in November 2019. Earlier in her career, she worked for PricewaterhouseCoopers, Dynegy and Synagro Technologies.

Interestingly, Civeo is one of the few public companies where the executives have employment contracts that only address severance payment terms in the event of a termination of employment following a change-of-control or due to death or disability. They do not address termination without cause and without a change-of-control.

Nevertheless, Ms. Stone has negotiated a severance package where she will receive $690,467. That seems to be approximately one year’s salary ($425,000) and target annual bonus (70% of salary). She also receives $423,650 in cash which represents the value of equity options forfeited upon termination. Finally, she will receive $20,000 to cover outplacement services.

Civeo – 8-K – Stone departure

Civeo – 8-K revised – Stone severance



Select Water Solutions replaces its CFO

Select Water Solutions, based in the Galleria area, has appointed Chris George as its CFO. He replaces Nick Swyka, who is leaving the company at the end of the month.

Select provides water management and chemical solutions to the oil and gas industry. The company originally began operations in 2007 as Peak Oilfield Services. Then called Select Energy Services, it went public in 2017 through an IPO. The business has revenues of $1.6 billion and a market cap of just under $1 billion.

Founder John Schmitz served as the CEO until its merger with Rockwater Energy Solutions in late 2017. He returned as CEO in January 2021 after the ouster of the previous CEO, who came over from Rockwater.

Mr. George joined Select in January 2012 and served in roles such as Treasury and Investor Relations. He was promoted to VP, Corporate Development, Investor Relations & Sustainability in January 2022. He started his career at UBS Investment Bank.

Mr. Swyka joined the company as CFO in May 2018. He was previously the Director of Investor Relations and Corporate Development at Nabors Industries. He will receive one years’ severance ($360,000), a target bonus for 2024 ($288,000), a bonus for 2023 ($263,779) and pro-rated bonus for 2024. Certain equity awards will also vest. At the end of 2022, these were valued at approximately $678,000. All in, that’s a severance package of around $1.6 million.

SEC filing – 8-K – Select Water CFO

Marathon Oil appoints new Chief Financial Officer

Marathon Oil, based in west Houston, has appointed Rob White as its new CFO, effective May 1, 2024. He replaces Dane Whitehead, who told the company he intends to retire on July 1.

Marathon Oil was originally part of Standard Oil, controlled by John Rockefeller.  In 1911, the US Supreme Court ruled that Standard Oil be dissolved and split into 34 companies. One of those companies was The Ohio Oil Company, which was later renamed as Marathon Oil.

In 2011, the refining and marketing assets were spun off into a separate entity called Marathon Petroleum (MPC). That company is based in Ohio.

Marathon has a market cap of $14 billion. It has a relatively small presence in the Permian Basin (12% of revenues). Most of its production comes from the Eagle Ford (40%) and Bakken (35%) basins. The Eagle Ford Basin, in particular, produces relatively more gas than oil. As a result of these factors, Marathon trades at a lower multiple than its peers.

Mr. White joined the company in 1991 and has served as the VP, Controller and Chief Accounting Officer since March 2022. He will receive a base salary of $500,000.

Zach Dailey has been promoted to VP, Controller and Chief Accounting Officer, to replace Mr. White. Mr. Daily joined Marathon in 2015 and is currently the VP, Internal Audit. Mr. White also held that position before becoming the CAO. Prior to joining Marathon, Mr. Dailey worked at Linn Energy, Berry Petroleum and Morgan Keegan. Mr. Dailey will receive a base salary of $350,000.

Mr. Whitehead, 62, joined Marathon as its CFO in March 2017. Prior to that, he was CFO of EP Energy Corp for 5 years.

SEC filing – 8-K – Marathon CFO

Crown Castle CFO changes his mind and will stay

Dan Schlanger, CFO of Crown Castle, has changed his mind and will now stay with the company. Back in October, he announced he would be leaving the company at the end of March.

But that was before CEO Jay Brown resigned in December, 10 days after activist investor, Elliott Management, called for changes at the company. Tony Melone, a Board member, replaced Mr. Brown, as interim CEO. Subsequently, the company announced a strategic review of its underperforming fiber business.

To help persuade Mr. Schlanger to stay at the company, the Board has granted him 21,085 restricted stock units that will vest in two tranches by the end of this year. At today’s stock price, those units are worth almost $2.3 million. Presumably by the end of 2024, there will be a new CEO in place and there will be actions taken for the Fiber business.

The company also announced that Chris Levendos will revert back to being the COO of the Fiber business. In addition, Mike Kavanagh, the Chief Commercial Officer, was promoted to be COO for Towers.

The day before Elliott took its stake, Mr. Levendos was promoted from being the COO of Fiber to being the COO of the overall company.

Laura Nickel, Executive VP of Business Support, also appears to be out at the company, although this was not mentioned in the press release. She is no longer listed as part of the Executive Management team that Crown Castle included as part of its earnings release.

SEC filing – 8-K – Crown Castle CFO to stay



Target Hospitality promotes from within for CFO

Target Hospitality, based in The Woodlands, has promoted Jason Vlacich to be its CFO. He replaces Eric Kalamaras, effective immediately. The company said it will approve terms in connection with Mr Kalamaras’ departure at a later date.

Mr. Vlacich joined the company in October 2018 as its Chief Accounting Officer. He started his career with PricewaterhouseCoopers. Mr. Vlacich will receive a base salary of $410,000.

The business originally provided rental modular accommodation to the US fields. It still does that, but almost 75% of its revenue and 90% of its profits comes from government contracts. The biggest is providing housing for unaccompanied minors at a Children’s Center in Pecos in west Texas. Target’s contract is with Endeavors, a non-profit organization. In turn, Endeavors has received a $580 million contract from the US government.

Target has a long history of operating government contracts. It provided logistical services at the 1996 Olympics in Atlanta and operated a cruise ship to support relief efforts in the aftermath of Hurricane Katrina in 2005.

Target was taken public by a SPAC in March 2019 and now has a market cap of $939 million.  Mr. Kalamaras joined as CFO in September 2019.

It is unclear why the company is stating that severance will be agreed later as the employment contract that Mr. Kalamaras signed is very clear. The contract, amended in January 2022, states that Mr. Kalamaras will receive 1x the sum of annual base salary ($427,450)  plus target bonus ($427,450). In addition, he will receive a pro-rated bonus for 2024 (plus his 2023 bonus that, presumably, has not yet been paid).

SEC filing – 8-K – Target Hospitality CFO change