National Oilwell Varco Inc. announced that it has formed a new Delaware corporation, NOW Inc., to eventually serve as the independent, publicly traded company for its previously announced proposed plan to spin off to its shareholders its Distribution Business. The proposed publicly traded distribution business intends to operate under the name DistributionNOW. The Company also announced the names of certain members of the Executive Management team for this company.

On the effective date of the spinoff, Mr. Robert Workman will become the Chief Executive Officer of the publicly traded distribution company, Mr. Daniel Molinaro will become its Chief Financial Officer and Mr. David Cherechinsky will become its Chief Accounting Officer. Mr. Workman served as President - Distribution Services since January 2001. He also serves as the Chairman of the Petroleum Equipment Suppliers Association and a member of the IPAA, IADC and API.

Mr. Molinaro is Vice President & Treasurer of National Oilwell Varco and has served as Treasurer since 1987. Prior to joining the company, Dan was Comptroller of the Oilwell Division of USX Corporation in Dallas, Texas. Mr. Cherechinsky has served as Vice President - Finance for the Distribution business group since 2003, and as Vice President - Finance for the Company's Distribution & Transmission business segment since 2011.