By Colin Kellaher
Natural Gas Services Group has finally found its new chief executive after an extensive search. In a recent announcement, the company revealed that Justin Jacobs, a managing director of investment firm Mill Road Capital, will assume the position on Feb. 12.
Natural Gas Services, a leading provider of gas-compression equipment, technology, and services based in Midland, Texas, expressed confidence in Jacobs' ability to lead the company towards continued growth and success.
Stephen Taylor, who had been serving as interim CEO since 2022, will continue his role as chairman and offer transition support for a period of six months. This smooth succession plan aims to ensure a seamless transition and maintain stability within the organization.
The appointment of Jacobs comes as a result of a cooperation agreement between Natural Gas Services and Mill Road Capital. Mill Road Capital, one of the largest shareholders of Natural Gas Services, holds approximately a 7.4% stake in the company according to FactSet data.
In recognition of his valuable expertise and contributions, Natural Gas Services had previously appointed Jacobs to its board as part of the agreement with Mill Road Capital. The company announced that Jacobs will remain a director even after assuming the CEO position.
Justin Jacobs, aged 49, brings a wealth of experience and industry knowledge to his new role. He will be entitled to an initial annual base salary of $525,000, complemented by an annual cash bonus with a target of 100% of his base pay.