TETRA Technologies, Inc. Announces Executive Resignations
March 26, 2021 at 07:33 am EDT
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On March 24, 2021, TETRA Technologies, Inc. (the “Company”) entered into a Cooperation Agreement (the “Agreement”) with Bradley L. Radoff and The Radoff Family Foundation (collectively, “Radoff”). Pursuant to the Agreement, the Company has agreed that one incumbent director will not be submitted for re-election to the Board of Directors of the Company (the “Board”) at the 2021 annual meeting of stockholders (the “2021 Annual Meeting”), which will be in addition to the previously announced retirement of Paul D. Coombs from the Board. In addition the Board will choose, with Radoff’s input, a diverse independent director candidate to be appointed to the Board within 30 days of the effective date of the Agreement, and this diverse director candidate will be submitted for election at the 2021 Annual Meeting. The Company has further agreed that prior to the Company’s 2022 annual meeting of stockholders (the “2022 Annual Meeting”), William D. Sullivan will retire from the Board, both in his capacities as chairman and as an individual director, at which time either (i) the size of the Board will contract by one seat or (ii) an additional diverse independent director candidate will be appointed to the Board.
TETRA Technologies, Inc. is an energy services and solutions company. The Company is focused on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback, and production well testing services. The Company's segments include Completion Fluids & Products Division and Water & Flowback Services Division. The Completion Fluids & Products Division manufactures and markets clear brine fluids (CBFs), additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa. The Water & Flowback Services Division provides a range of water management services that support hydraulic fracturing in unconventional well completions for domestic onshore oil and gas operators. These services include fresh and produced water analysis, treatment and recycling, blending and distribution and others.