Despite the loss, MRC Global posts a 5% sequential revenue increase in Q1 over the previous fourth quarter.
Latest In MRC Global (McJunkin-Red Man)
Saltiel will replace Andrew Lane, who announced his retirement last May.
In the fourth quarter, sales decreased 24.4% as the company also reported a loss of $11 million in the period.
Year to date, sales decreased 31.6% as the company reports a loss of $287 million through the first three quarters of 2020.
The board of directors will begin a thorough and deliberate CEO selection process to replace Andrew Lane.
Oil & gas slump decimates Houston distributors' 4Q revenues.
CEO: $48 million divestiture helps MRC "reduce exposure to upstream drilling volatility."
