National Oilwell promotes CFO to president and COO

HOUSTON (AP) -- National Oilwell Varco Inc., which makes products for oil and gas drilling, said Thursday that it promoted Clay Williams to the role of president and chief operating officer.

Williams has served as the company's executive vice president and chief financial officer since 2005. He also served as vice president and CFO at Varco International Inc. from 2003 until it combined with National Oilwell in 2005.

National Oilwell also named Jeremy Thigpen, president of its downhole pumping and solutions business since 2007, to replace Williams as senior vice president and CFO. Thigpen has been with the company for 15 years.

National Oilwell shares fell 51 cents to $68.10 in morning trading.