HOUSTON--(BUSINESS WIRE)--May 19, 2005--Hanover Compressor Company
(NYSE:HC) announced today that, at its Annual Meeting of Shareholders
in Houston, all current members of the Board of Directors have been
re-elected and that shareholders have ratified the selection of
PricewaterhouseCoopers as its independent registered public accounting
firm for 2005.
At its meeting immediately following the Shareholders' Meeting,
the Board of Directors appointed Gordon T. Hall as Chairman of the
Board, succeeding Victor Grijalva. Mr. Grijalva announced previously
that he was retiring after the Annual Shareholders' Meeting. At the
Board's request, he has agreed to remain on the Board and will
continue to serve as a member of the Management Development and
Compensation Committee and as Chairman of the Nominating and
Governance Committee.
"I am grateful to the Board for their support and for the strong
leadership and business vision of the outgoing Chairman," Mr. Hall
said. "I share Victor and the full Board's commitment to Hanover's
shareholders, employees and customers as we continue to build a global
organization that can leverage worldwide growth opportunities."
Mr. Hall is a retired Managing Director and Senior Advisor of
Credit Suisse First Boston where he was a top-ranked oil field
services analyst for twelve years. He has extensive industry
experience and brings a distinct focus on operational goals,
incentives and returns. In addition to his service on Hanover's Board,
Mr. Hall serves as a Director of Hydril Company and as a director or
advisor to several privately held and non-profit organizations.
"Hanover is fortunate to have such highly respected and trusted
individuals serving successively as Board Chairman," said John
Jackson, President and Chief Executive Officer. "I look forward to
Gordon continuing the strong disciplined leadership and vision that
Victor has brought to the organization and I'm pleased that we will
continue to benefit from Victor's expertise and Board service."
Hanover's Board of Directors is comprised of I. Jon Brumley, Ted
Collins, Jr., Margaret K. Dorman, Robert R. Furgason, Victor E.
Grijalva, Gordon T. Hall, John E. Jackson, Stephen E. Pazuk and Alvin
V. Shoemaker.
About Hanover Compressor Company
Hanover Compressor Company (NYSE:HC) 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. More information can be found on the Internet
(www.hanover-co.com).
CONTACT: Hanover Compressor Company, Houston
Media Relations:
Richard Goins, 832-554-4918
rbgoins@hanover-co.com
or
Investor Relations:
Stephen York, 832-554-4856
syork@hanover-co.com
www.hanover-co.com
SOURCE: Hanover Compressor Company