Weatherford CEO Departs Ahead of Shareholder Meeting
Weatherford International has said that Mark A. McCollum, President, Chief Executive Officer and a director, has left the company, effective immediately. His exit was five days ahead of the company’s next scheduled stockholder meeting.
The board has launched a search to find a permanent President and CEO and will work with an executive search firm to assist in the process.
For now, Karl Blanchard, Executive Vice President and Chief Operating Officer, and Christian Garcia, Executive Vice President and Chief Financial Officer, will form the Office of the Chief Executive, reporting directly to the board, and will oversee the company’s day to day operations.
Karl Blanchard was named Executive Vice President and Chief Operating Officer in August 2017. He previously served as the Chief Operating Officer for Seventy Seven Energy where he was responsible for the drilling, hydraulic fracturing, and rental tool business units, as well as key support functions. Prior to Seventy Seven Energy, Blanchard spent more than 30 years at Halliburton.
Christian Garcia joined Weatherford in January 2020 as Executive Vice President and Chief Financial Officer. He previously served as Executive Vice President and Chief Financial Officer at Visteon Corporation. He also served as acting Chief Financial Officer of Halliburton.
"Weatherford delivered materially improved performance this year until the onset of the COVID-19 pandemic and actions by certain oil producing nations created unprecedented uncertainty in the energy and other markets. We will continue to focus our efforts on reducing costs and managing liquidity in the face of this challenging business environment," said Thomas Bates, Jr., board chairman. "Karl and Christian have demonstrated that they have the experience and ability to assume these expanded responsibilities. We are confident in their leadership of the company during this interim period as we conduct the search for a Chief Executive Officer."
Operating in more than 80 countries, the company has a global talent network of approximately 20,000 team members and 600 locations, which include service, research and development, training, and manufacturing facilities.
To contact the author, email email@example.com.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.