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National Oilwell Varco Announces Name, Leadership for Distribution Spin-Off

National Oilwell Varco Inc. (NYSE: NOV), Houston, TX has formed a new Delaware corporation, NOW Inc., to eventually serve as the independent, publicly traded company for its previously announced plan to spin off to its shareholders its distribution business. The business intends to operate under the name DistributionNOW.

On the effective date of the spinoff, Robert Workman will become the CEO of the publicly traded company, Daniel Molinaro will become CFO and David Cherechinsky will become chief accounting officer.

Workman started with National Oilwell Varco in 1991, and has held various managerial positions with the distribution business group since his start. He has served as president - distribution services since January 2001.

Molinaro is vice president & treasurer of National Oilwell Varco and has served as treasurer since 1987. Prior to joining the company, Dan held various positions with USX Corp. and U.S. Steel Corp.

Cherechinsky has served as vice president - finance for the distribution business group since 2003, and as vice president - finance for the company’s distribution & transmission business segment since 2011.

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