HOUSTON--(BUSINESS WIRE)--Oct. 4, 2004--The Board of Directors of
Hanover Compressor Company (NYSE:HC) has unanimously elected John E.
Jackson as President and Chief Executive Officer, effective October
25, 2004.
Mr. Jackson joined Hanover in February 2002 as the company's
Senior Vice President and Chief Financial Officer and has been a key
factor in the progress the company has made in areas such as improving
financial reporting, installing capital discipline, and improving
liquidity. He was elected to the Board of Directors of Hanover in July
2004.
Mr. Jackson replaces Chad C. Deaton, who has decided to leave the
company to join Baker Hughes, Inc. as Chairman and Chief Executive
Officer.
"Hanover is fortunate to have in our succession plan an individual
of the caliber of John Jackson to step up and ensure a smooth
transition," commented Chairman of the Board Victor Grijalva. "John
has partnered with Chad over the past two years in every key aspect of
managing the company and is well positioned to assume the role of
chief executive officer."
"I am excited to have this opportunity," stated Mr. Jackson. "Over
the course of the last two years Hanover has established a new
strategic vision, and I am looking forward to having the opportunity
to continue to lead the company in this new direction."
In commenting on Mr. Deaton's departure, Mr. Grijalva said, "On
behalf of the board, I want to thank Chad for his significant
contribution to Hanover and wish him success in his future endeavors."
About Hanover Compressor
Hanover Compressor Company (www.hanover-co.com) is a global market
leader in full service natural gas compression and a leading provider
of service, fabrication and equipment for oil and natural gas
processing and transportation applications. Hanover sells and rents
this equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment. Founded in 1990 and a
public company since 1997, Hanover's customers include both major and
independent oil and gas producers and distributors as well as national
oil and gas companies.
CONTACT: Hanover Compressor Company
Lee Beckelman, 281-447-8787 (Investor Relations)
SOURCE: Hanover Compressor Company