HOUSTON (AP) -- Flotek Industries Inc. on Tuesday said that its president and CEO, Jerry Dumas, will retire in 2010.
John Chisholm, who currently serves as a director of Flotek, will serve as interim president while the company conducts a search for a new CEO.
The specialty chemical company recently announced an equity raise and amended its credit agreement. Dumas, who also serves as chairman of the company, said he is ready to retire now that Flotek is on solid financial ground going forward.
Dumas will remain as CEO until January of 2010 or until a successor is appointed. He will continue to serve as chairman of the board through Flotek's annual meeting in June.
Shares of the company shed 45 cents, or 19.8 percent, to $1.83 in midday trading. The stock -- which has traded between $1.21 and $17.49 over the past 12 months -- is off nearly 9 percent year-to-date.