FTK...Flotek Promotes President Ryan Ezell to CEO
Dr. Ezell Brings Over Two Decades of Leadership and Operating Experience in the Energy Industry
Interim CEO Harsha V. Agadi To Be Appointed Non-Executive Chairman of the Board and Will Assist with the Leadership Transition
HOUSTON, June 7, 2023 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), a leader in technology-driven specialty green chemistry and data analytics solutions, today announced that President Ryan Ezell has been named Chief Executive Officer of Flotek and will join the Board of Directors, effective June 8, 2023. He succeeds interim CEO Harsha V. Agadi, who has been elected Non-Executive Chairman of the Board, effective June 8, 2023, succeeding David Nierenberg, who will remain on the Board and serve on the Audit, Corporate Governance & Nominating, Compensation and Risk & Sustainability Committees.
Mr. Agadi said, "Ryan is the right leader for Flotek's future. With hands-on experience across different areas of the Company, Ryan brings unique and deep strategic, operational, and customer knowledge that equip him to drive Flotek's continued growth for the benefit of our shareholders, customers, and employees. His leadership over the past few months has helped put the Company in a strong position to achieve our previously disclosed full-year 2023 guidance of $210 million to $230 million in revenue and an adjusted gross profit margin of 8% to 10%. I look forward to working with Ryan to ensure a seamless transition."
Mr. Nierenberg, the former Non-Executive Chairman and second-largest shareholder of Flotek, said, "On behalf of the entire Board, I am thrilled to welcome Ryan as the next CEO of Flotek, following a thorough and competitive search process involving both internal and external candidates. We are confident that Ryan's proven record of success and deep understanding of the business and energy industry make him the ideal leader to capture attractive market opportunities and take the Company into its next phase of profitable growth. We thank Harsha for his outstanding leadership as we worked to identify our permanent CEO.
"I also want to congratulate Harsha on his election as Non-Executive Chairman of the Board. His recent successful experience leading the Company will be invaluable to his new role. I'm pleased to be remaining on the Board and look forward to working with Harsha, my fellow Directors, and Ryan's team as he launches Flotek's next chapter of success and value creation."
Under Mr. Agadi's leadership as interim CEO, the Company recorded a 273% increase in first quarter 2023 total revenue compared to the same period in the prior year. This growth reflects significant progress toward becoming the collaborative partner of choice for sustainable optimized chemistry and integrated data solutions for energy companies across the globe.
Dr. Ezell said, "Over the past few months, I have worked closely with Harsha to co-develop Flotek's growth strategy. We are already seeing momentum at the Company, with strong gross profit growth in the first quarter – but that is just the beginning. Today, Flotek is better positioned than ever before to bring affordable, sustainable energy to more customers around the world. I look forward to building on our strong foundation to drive growth and increased shareholder value over the coming years."
About Ryan Ezell
With a career spanning more than 20 years in the energy industry, Dr. Ezell brings extensive international and multiple business segment experience. He has managed a business with revenues exceeding $2.8 billion and teams of over 5,500 employees, and has a proven track record of driving profit and growth in many market environments.
Dr. Ezell has served as both President and Chief Operating Officer of Flotek, during which he engineered and executed a strategic turnaround, resulting in contracts that grew revenue more than 3X from 2021 to 2022, and increased revenue backlog to over $2.1 billion. Prior to that, he was the President of Flotek's Chemistry Technologies segment, where he led a shift in the chemistry technologies portfolio and an evolution of the business' strategy that resulted in growth that outpaced the market and market share gains of over 10X in a year. He began his tenure at Flotek as Senior Vice President of Operations, during which he drove an operational restructuring that led to a 60%+ reduction in costs across manufacturing, logistics, field service, delivery, facilities, and personnel.
Prior to joining Flotek, Dr. Ezell held various leadership roles over the course of a decade at Fortune 500 global energy company Halliburton, where he drove strategy and growth, contributed to merger and acquisition strategies, and implemented change management. He also served as a member of Haliburton's Technology Review Board and a member of the Board on four company joint ventures.
Dr. Ezell has a Ph. D. in Polymer Science from the University of Southern Mississippi and a Bachelor of Science in Chemistry from Millsaps College. He is a published scientist and is an author on more than 26 patents.
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