Key Energy Services' CFO Steps Down
Key Energy Services announced that William M. Austin, Senior Vice President and Chief Financial Officer has decided to join the turnaround and restructuring group at Alvarez & Marsal. He will leave Key on February 6, 2009. Marshall Dodson, who is the Company's Vice President and Chief Accounting Officer, will assume the additional role of the Company's principal financial officer until the Board elects a new Chief Financial Officer. During this interim period, Mr. Dodson will report directly to the President and Chief Executive Officer, Dick Alario.
Commenting on the announcement, Mr. Alario said, "Bill's experience in special situations was of tremendous value to Key as the Board set out to re-orient the Company in 2004. Among other accomplishments, he rebuilt our financial team, led the effort to repair our accounting processes and successfully refinanced the Company's debt twice, providing us with a solid liquidity position. He has been my close advisor since joining Key and is largely responsible for the successful financial turnaround at Key."
Alario continued, "We are sorry to lose Bill and wish him continued success as he returns to his restructuring consultancy practice. Key and its shareholders are fortunate to have had him serve as our CFO over the past four years and personally, I will miss the close working relationship we have enjoyed. We plan to evaluate both internal and external candidates in our search for a permanent replacement."
Mr. Austin commented, "I've greatly enjoyed my work here at Key and value the strong relationships I have developed with Key's board of directors, its management team and the employees. I'm looking forward to facing new challenges advising other companies in the current market conditions."
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension