Natural Gas Services Group, Inc., Announces Retirement of James Hazlett as Vice President and Chief Technical Officer
01 Agosto 2024 - 2:27PM
Natural Gas Services Group, Inc. (NYSE: NGS),
a leading provider of gas compression equipment, technology, and
services to the energy industry, announced today that James
Hazlett, who served as Chief Technology Officer of the Company and
worked with Natural Gas Services Group since 2005, has officially
retired.
“I would like to personally thank Jim for his
two decades of dedicated service to Natural Gas Services Group,”
said Steve Taylor, Chairman of the Company. “He was a driving force
in our technical success and his contributions are still felt
throughout the company. He built a strong team in the process, one
that will continue to drive technology innovation for the Company
and our customers. I wish Jim nothing but continued success as he
moves on, while still providing value to the Company.”
Mr. Hazlett retired as Vice President and Chief
Technical Officer effective August 1, 2024, and separated his
employment from the Company. To secure Mr. Hazlett’s services
through a transition period, the Company has entered into a
consulting agreement with Mr. Hazlett under which he will provide
certain transitional services for up to 19 months following his
retirement. The consulting agreement provides for cash compensation
as well as a change to the vesting terms of a portion of
outstanding equity awards held by Mr. Hazlett to correspond with
the term of the consulting agreement.
“Jim has been a great source of knowledge and
wisdom during my transition into the CEO position, and I sincerely
appreciate everything he has done for the Company including working
with us to plan his retirement,” said Justin Jacobs, CEO of the
Company. “I think it would be difficult to find anyone who knows
more about compression units or matches his passion for the
compression industry. Everyone at the Company looks forward to
working with Jim as a consultant during his retirement.”
In anticipation of Mr. Hazlett’s potential
retirement, the Company had divided and transitioned
responsibilities over the past several months. As such, Mr.
Hazlett’s responsibilities among operations, sales, and technical
services have been divided between Brian Tucker, President and COO,
and John Rowell, Vice President, Technical. The Company expects a
seamless transition given the continuity in its operations and
processes.
“I would like to thank the entire team at the
Company for all of the wonderful experiences over the past several
decades. I have had the opportunity to build some great machinery
and work with amazingly talented people, both employees and
customers. As a significant shareholder, I’m proud of our
significant growth and confident in the direction and trajectory of
the Company.”
About Natural Gas Services Group, Inc.
Natural Gas Services Group is a leading provider
of natural gas compression equipment, technology and services to
the energy industry. The Company designs, rents, sells and
maintains natural gas compressors for oil and natural gas
production and plant facilities, primarily using equipment from
third-party fabricators and OEM suppliers along with limited
in-house assembly. The Company is headquartered
in Midland, Texas, with a fabrication facility located
in Tulsa, Oklahoma, a rebuild shop located in Midland,
Texas, and service facilities located in major oil and natural gas
producing basins in the U.S. Additional information can
be found at www.ngsgi.com.
Cautionary Statements
This news release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements that do not relate strictly to historical or
current facts, including those relating to the transition of
responsibilities of the Company's Chief Technical Officer, are
forward-looking and are subject to known and unknown risks and
uncertainties that may cause actual results to differ materially
from those expressed in such forward-looking statements. Any
forward-looking statement speaks only as of the date on which such
statement is made, and the Company does not intend to correct or
update any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
law.
For Additional Information:
Anna Delgado-Investor Relations (432) 262-2700 ir@ngsgi.com
www.ngsgi.com
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