Forum Energy Technologies has appointed Prady Iyyanki as president and CEO, effective 16 May 2017. Iyyanki currently serves as president and chief operating officer.
Cris Gaut, the current CEO, will become executive chairman. Forum's board has also nominated Iyyanki to stand for election as a director at the 2017 Annual Meeting.
Gaut said: "It has been a privilege to serve as shairman and CEO of Forum since its inception six and a half years ago. Three years ago we brought Prady on board to create a more professional, streamlined, and efficient organization that was capable of becoming a force to be reckoned with in the oilfield manufacturing space. Since then he has proven himself at every turn to be an excellent leader with strong business judgement. I was pleased to recommend this move to our Board, and I look forward to the continued growth and prosperity of the company under Prady’s leadership.”
“Cris successfully set the direction for Forum’s business and financial strategy, led the transition to being a public company and built a firm foundation of trust with our investors and customers. He established Forum as a strong competitor within the oilfield equipment manufacturing sector, and has proven to be an excellent mentor for me and many others," said Iyyanki. "In his new position, he will continue to be actively involved with our larger strategic matters, as well as acquisition and capital markets efforts. I look forward to continuing my strong partnership with Cris.”
Prady joined Forum in 2014 after 16 years' experience with GE in various senior management roles. He served as President and CEO of GE Genbacher/Gas Engines from 2006 – 2011 and President and CEO of Turbomachinery Equipment from 2011 – 2012. He has a Bachelor of Science in Engineering from Jawaharlal Nehru Technology University, India and a Master of Science in Engineering from South Dakota State University.