TETRA Technologies, Inc. (TETRA or the Company) (NYSE: TTI) has announced that Joseph Elkhoury has agreed to accept the positions of Senior Vice President and Chief Operating Officer effective upon the commencement of employment with the Company, which is expected to begin on or about June 16, 2014.
Joseph Elkhoury previously served within the Schlumberger Limited organization for twenty years, most recently as Vice President and General Manager, Microseismic Services since 2012. Previous to this role, Mr. Elkhoury served in various other managerial positions including VP, Information Solutions, North America; VP, Production Services; and Director, Global Supply Chain – EMS. Previous to this, Mr. Elkhoury served within Schlumberger in various technical, commercial, and managerial positions dating back to 1994.
Stuart M. Brightman, TETRA's President and Chief Executive Officer, stated, "We are extremely pleased to welcome Joseph as a member of our management team. Joseph brings to TETRA extensive experience serving in operating and administrative positions with a public company in the oil and gas services industry. During his career, Joseph has demonstrated through his leadership the ability to grow businesses globally and achieve sustained operational excellence.
This global experience will greatly benefit TETRA as we seek to continue to grow our product and service offerings in international markets. We are delighted that Joseph will take on this senior leadership role and we are confident in his ability to excel as our Chief Operating Officer."
In accordance with NYSE requirements, the Company hereby discloses that its Board of Directors has authorized the grant to Joseph Elkhoury of an employment inducement award of 232,302 shares of restricted stock, such grant to be effective on the date Mr. Elkhoury commences employment with the Company. Unless Mr. Elkhoury terminates his employment with TETRA or is terminated by TETRA for cause, 35,111 shares of the restricted stock will vest on the date that is six months following the grant date of the award, 79,381 shares of the restricted stock will vest on the one-year anniversary of the grant date of the award, 44,602 shares of the restricted stock will vest on the second anniversary of the grant date of the award, an additional 55,685 shares of the restricted stock will vest on the third anniversary of the grant date, and the remaining 17,523 shares will vest on the fourth anniversary of the grant date of the award.
TETRA is a geographically diversified oil and gas services company focused on completion fluids and associated products and services, water management, after-frac flow back, production well testing, offshore rig cooling, compression based production enhancement, and selected offshore services, including well plugging and abandonment, decommissioning, and diving.
