Houston’s Forum Energy Technologies promoted its president to the chief executive role as the oilfield products company attempts to bounce back from the oil bust.
Forum President Prady Iyyanki added the CEO title to his position, while outgoing CEO Christopher Gaut steps into the executive chairman role. Gaut, who said he recommended the change, led the seven-year-old company since its inception.
Iyyanki joined Forum in 2014 after 16 years with General Electric, including the president and CEO role of GE’s turbomachinery equipment division.
Forum posted an $82 million loss in 2016, but that compares to a larger loss of nearly $120 million in 2015.