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News

Newpark Resources Announces Retirement Of Board Chairman Anthony J. Best

Author: Michael Horton | December 02, 2022 05:19pm

Newpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") announced today that Anthony J. Best, who has served as an independent member of the

Company's Board of Directors (the "Board") since 2014, and Chairman of the Board since 2018, informed the Company that he has chosen not to stand for re-election and instead retire from the Board immediately following the Company's upcoming Annual Meeting of Stockholders in May 2023. No decision has been made by the Board regarding the succession of the Chairman position following Mr. Best's retirement.

Effective upon Mr. Best's retirement, the Board has determined to reduce its size from eight directors to seven directors. Separately, the Company also announced today that the Board has elected to reduce the total compensation of its non-executive members (including the Chairman of the Board) by approximately 15%, with such reduction taking effect on January 1, 2023. 

Matthew Lanigan, Newpark's President and Chief Executive Officer, stated, "We would like to thank Tony for his many contributions to Newpark during his nine years of service as a member of the Board, including the past five years of service as Chairman of the Board. His leadership and experience in the oil and gas industry were instrumental to the Company's transformation, as we navigated through multiple oil and gas industry downturns. During Tony's tenure on the Board, Newpark has built a substantial presence in the utilities sector, and through several recently announced divestitures, has transitioned the Fluids Systems business into a more focused and agile model, strengthening and positioning the Company for success going forward. We wish Tony the very best in his retirement."

Mr. Best stated, "It has been my distinct honor to serve on this Board for nine years and lead the Board during the past five years. I'm proud of the tremendous transformation and diversification the Company has achieved over this time, and I leave with great confidence in Newpark's future and the strength of its Board."

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