NOW Inc. announced that Executive Chairman and Chairman of the Board of Directors Merrill A. “Pete” Miller, Jr. intends to retire from the company effective Oct. 1.

In conjunction with Miller’s upcoming retirement, he has stepped down as chairman of the board and the NOW board of directors has appointed J. Wayne Richards as the new chairman of the board of directors. Richards previously served as independent lead director of the company. Miller will continue to serve as executive chairman and a director of DistributionNOW until the date of his retirement.

Miller has been executive chairman and chairman of the board of directors of NOW Inc. since May 2014, when the Company was spun off from National Oilwell Varco, Inc. Miller previously served as president, CEO and chairman of the board of National Oilwell Varco.

Richards, lead director of NOW Inc.’s board of directors and president and CEO of GR Energy Services, Inc., remarked: “Pete has given DistributionNOW, its employees, and its shareholders, over three years of great leadership. Although we will all miss Pete, we are excited for him as he embarks on his well deserved retirement.”

Miller stated: “I want to thank all the terrific employees of DistributionNOW for your hard work and dedication to the company. We have weathered one of the worst downturns in the industry and I believe the worst is behind us. I am so proud of what has been accomplished during such difficult times, and I am extremely excited to envision all of the amazing things DistributionNOW will be able to do in the future. While I am very saddened to leave this wonderful company, I am pleased the board has selected Wayne as chairman. I am confident he, Robert and the management team will provide strong leadership for the bright future in store for DNOW.”

Robert Workman, president and CEO of NOW Inc., remarked: “Pete has been an incredible leader, mentor and friend to me. We all here at DistributionNOW are grateful to Pete for his years of leadership and for joining us when we spun from NOV. I personally wish him nothing but the best as he begins to enjoy retired life. I am truly excited about the future of DistributionNOW and have confidence in our best in class employees that we will steer this company in the right direction for years to come.”