National Oilwell Varco, Inc. (NOV) said Friday that it has completed the spinoff to its stockholders of its distribution business as an independent public company, NOW Inc.
NOW common stock will begin regular-way trading on the New York Stock Exchange under the ticker symbol "DNOW" on Monday, June 2.
National Oilwell Varco also said that Merrill Miller, Jr. has stepped down as the company's Executive Chairman in order to become the Executive Chairman of NOW Inc.
Clay Williams has been appointed Chairman of the National Oilwell Varco board effective immediately. Williams has served as a member of the company's Board of Directors since November 2013 and as the company's President and Chief Executive Officer since February this year.
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