January 5, 2023 – Houston-based executive search firm Preng & Associates recently assisted in the recruitment of Bond Clement as the new chief financial officer of Flotek Industries Inc., a NYSE-traded provider of technology-driven specialty green chemistry solutions. “We are excited to welcome Bond Clement to Flotek,” said John W. Gibson Jr., chairman, president, and CEO of Flotek. “We believe the combination of his deep energy industry expertise and a proven track record as a public company CFO positions him to immediately add value as we transition into a profitable, cash generative company.”
Mr. Clement started his career in 1993 within Arthur Andersen’s assurance services group focused primarily on energy related clients. He has more than 25 years of financial and accounting experience within the energy sector. Mr. Clement served for 17 years with PetroQuest Energy Inc., which was a publicly traded exploration and production company with oil and natural gas assets located in multiple basins throughout the U.S. His various financial and accounting related management roles at PetroQuest included 12 years as the company’s EVP and CFO. Mr. Clement serves on the board of New Hope Community Development of Acadiana, an organization dedicated to breaking the generational cycle of poverty through educational initiatives.
“I am thrilled for the opportunity to join the Flotek team at such a transformational period in the company’s history,” said Mr. Clement. “I look forward to augmenting the company’s already strong focus on achieving profitability across the enterprise, which will ultimately be the driving force behind shareholder value creation.”
Headquartered in Houston, TX, Flotek Industries creates solutions to reduce the environmental impact of energy on air, water, land, and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their environmental, social, and governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental, and personal consumer use.
Preng & Associates, founded in 1980, is a retainer-based, international executive search firm specializing solely in the energy industry. The firm’s experience spans the entire energy value chain – from the well head to the wall socket. Its subsector verticals have specific expertise in oil and gas (upstream, midstream, and downstream), oilfield equipment and services, power and utilities, renewables, engineering and construction and industrials. The recruiting outfit has conducted more than 3,800 engagements for over 800 companies and placed highly qualified individuals for board, executive management, and professional positions in 91 countries, according to the firm.
David Preng, the firm’s founder, president, and CEO, has worked on over 2,000 energy-related searches during his career, ranging from board and senior executive to managerial and senior technical positions. His current focus is primarily at the board, CEO, and C-suite level roles. Mr. Preng’s industry experience includes financial, managerial, and executive positions with Shell Oil, Litton Industries, and Southwest Industries.
The Market for CFOs
The market for senior finance executives remains candidate-centric and brisk, according to Andy Miller, CEO of BrainWorks. “While public discussion of macroeconomic conditions continues to hint at inflation and recession, finance professionals remain fully employed and heavily engaged,” he said. “Among the finance executives, CFOs and business unit financial officers remain in high demand, both to provide oversight for portfolio companies in the PE space and to engage newly created business units by expanding public companies. Tax talent has been in demand for many years and is increasingly scarce. Global and complex tax guidance and leadership, including managers, directors, and analysts remain essential in the proliferation of business strategies. Also engaged at high volume over the last 12 months are controllers, analysts, and FP&A professionals.”
The Evolving Role of the CFO
Given the speed at which market conditions, business strategies, and operational structures have changed in recent years, businesses are more aware than ever of the crucial role the chief financial officer plays in shaping and driving a company’s strategic direction. A just-released report by BoardEx of “The Role of the CFO 2022” examines more than 1,400 CFOs who lead major publicly traded companies across 16 countries around the world. Let’s take a closer look.
At the sector level, geopolitical uncertainty, legislative uncertainty, and uncertainty regarding interest rates, inflation, and the potential for recession create sector-level challenges. While forecasting is fraught with uncertainty, BrainWorks believes that inflation has peaked and that recession, if it is to be named, is largely a lagging story at this point. “Given the degree of uncertainty in the world, any assessment of what financial services will face in the future is at best educated guessing,” said Mr. Miller. “That said, the challenge of securing top talent, the sufficiency of talent in the marketplace, the rate of change between currencies, tax implications of selected business strategies and the proper filing of documents in support of such strategies, accurate forecasting, analytics, and planning will all remain needful in the sector.”
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media