Prady Iyyanki has been appointed CEO and president of Houston-based Forum Energy Technologies (NYSE: FET) as part of a long-planned transition, according to a news release.
Iyyanki, who currently serves as president and COO of the global oilfield products company, will succeed C. Christopher Gaut, effective May 16. Gaut will become executive chairman, the Business Wire news release said. In addition, the company’s board of directors nominated Iyyanki to stand for election as a director at the 2017 annual stockholders’ meeting in May.
Iyyanki joined Forum in 2014 after a 16-year tenure with General Electric, where he served in various senior management roles. These included president and CEO of GE Genbacher/Gas Engines from 2006 to 2011 and president and CEO of turbomachinery equipment from 2011 to 2012.
The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
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In a two-hitter, Mid-Con Energy agreed to sell substantially all of its Texas properties while also picking up producing Oklahoma properties.