Dallas-based Varel International has named John Capasso chief financial officer. He was CFO of Formed Fiber Technologies and has more than 20 years of operating experience.

Varel president and chief executive Jim Nixon says, “John is an excellent addition to our executive team. His combination of public and private equity experience in large and midsize companies fits in with Varel’s strategic objective of growth, coupled with financial discipline and internal controls.”

Varel International is the largest independent supplier of oil and gas drill bits worldwide.