HOUSTON, March 14, 2013 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") today announced that the Company's Board of Directors has elected H. Richard Walton as Executive Vice President and Chief Financial Officer.
Mr. Walton, named as the Company's interim Chief Financial Officer in February, has spent his entire career in public accounting spanning over three decades, including 20 years as an audit partner in the Houston office of KPMG. His experience includes financial statement audits and registration of securities with the SEC. Following his retirement from KPMG LLP, he has served as a financial consultant to public companies, including a consultant for Flotek since 2010.
Mr. Walton is a certified public accountant and is a member of the Texas Society of CPAs. He is a graduate of Westminster College with a degree in Economics and Business Administration. Following graduation he served as an officer in the U.S. Army. He currently serves as Chairman of the Board of Houston Hospice, Chairman of the Finance Committee at DePelchin Children's Center and as a member of the Board of Trustees of the Retina Research Foundation.
"Flotek stakeholders will be delighted with the experience, integrity, demeanor and wisdom Rich Walton brings to the Flotek leadership team," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "I have personally worked with Rich for nearly three years as an integral part of the team that helped stabilize Flotek's financial and accounting platform. Rich's credentials are impeccable, his experience unparalleled and his approach to accounting and financial management exceptional. Rich's wealth of knowledge about both Flotek's business and the application of GAAP accounting to public companies will serve Flotek incredibly well. Combined with Flotek's other financial leadership, Rich is the right person at the right time to push Flotek to the next level. I am delighted to welcome him to Flotek's leadership team and especially appreciated his willingness to accept the role on an interim basis when he was needed to serve."The Company and Mr. Walton expect to enter into an employment contract consistent with Flotek's human resources practices, the terms of which will be included in a Current Report on Form 8-K once finalized.