Tetra Technologies Inc., The Woodlands, Texas, (NYSE: TTI) reports president and chief executive Geoffrey M. Hertel will resign, effective May 5. He will remain with the company in an undisclosed position.
Stuart M. Brightman has been named president and CEO, effective May 5. He is executive vice president and chief operating officer.
Hertel says, “My decision to step aside at this time is based on a belief that the current market price for our common stock is not reflective of the value we have created. I believe that Tetra needs to continue to find ways to optimize our assets, especially in the current economic environment. In stepping down as president and CEO, I will be able to concentrate my efforts to assist Stu and our management team in this optimization effort, on a project-by-project basis.”
He adds, “Since Stu joined Tetra in 2005, I’ve had the opportunity to watch him mature as a manager, as he expanded his knowledge of all of our entities, and I totally support his promotion.” Tetra is an oilfield service company that provides integrated calcium chloride and brominated products to the industry.
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