Houston’s NOV shifts executives

Houston’s National Oilwell Varco promoted two executives Thursday in what appeared to be a preparatory step in advance of CEO Pete Miller’s eventual retirement.

The oilfield equipment manufacturer, which has seen profits surge along with demand for expensive deep water and shale drilling equipment, promoted Clay Williams and Jeremy Thigpen.

Williams, National Oilwell Varco’s executive vice president and chief financial officer since 2005, was made president and chief operating officer.

He served as vice president and chief financial officer of Varco International prior to the company’s merger with National Oilwell in 2005.

Thigpen, who has served as president of the company’s downhole pumping and solutions division since 2007, will become senior vice president and chief financial officer.

Thigpen was previously president of the company’s downhole tools group and has been with the business for 15 years.

“These changes bring together an outstanding group of seasoned leaders, with a broad range of talents and abilities and a proven history of delivering results,” Miller said in a statement. “I have worked closely with Clay and Jeremy over the years as they have both contributed to the growth and strong performance of the Company. I am excited to announce these promotions and look forward to the continued contributions of Clay and Jeremy to the success of our Company.”