Flotek Industries Inc (NYSE:FTK) stock ended lower on Monday  after the news. The stock has seen solid rally over the past month.

Major Trigger:

Flotek Welcomes Lisa Mayr To Board Of Directors

Key Highlights:

• welcomes Lisa Mayr to its Board of Directors (“Board”), increasing its directors from six to seven. Mayr was appointed a member of the audit committee and has been designated an “audit committee financial expert” by the Board as a result of her accounting and financial management experience. She will also serve as a member of the corporate governance and nominating committee.
• Mayr brings more than 25 years of financial and accounting experience to the Board. She is currently the Chief Financial Officer (CFO) of digital infrastructure provider Internap Holding LLC, a position she has held since July 2020.
• Prior to joining Internap, Mayr served as CFO of multiple software and technology companies, including MicroStrategy Incorporated, a data analytics software company, and educational technology companies Blackboard and EverFi. She has also held financial leadership roles at both public and private companies such as LivingSocial, GeoEye and Sunrise Senior Living. Early in her career, she served at Ernst & Young LLP in the transaction and advisory services practice.

Key Quote

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer of Flotek stated: “After an extensive search prioritizing gender diversity, financial acumen, digital transformation and executive experience, we have found a highly qualified director in Lisa. She brings strong financial leadership from both public and private companies and a passion for maximizing her impact based on her experience. I know she will immediately and positively contribute to our board and Company.”

Market Reaction

On Monday, FTK stock fell 2.74% to close at $2.13. So far the stock has traded 81K shares traded hands, compared to its average volume of 336K shares. The stock opened at $2.19 and moved within a range of $2.1200 – 2.2400.