Weatherford in Executive Leadership Change

Weatherford in Executive Leadership Change
The company noted that it has initiated a search for a replacement.

Weatherford International plc (NASDAQ: WFRD) has announced that H. Keith Jennings, the company’s executive vice president and chief financial officer, will leave Weatherford, effective July 31, 2022.

The company noted that it has initiated a search for a replacement and said it is working with an executive search firm to assist in the process. Weatherford highlighted that Jennings’ departure is not the result of any dispute or disagreement regarding the company’s accounting or financial practices, statements, conditions, or operations.

“Keith’s commitment and leadership to the company over the past two years helped Weatherford return to a major public exchange, improved and stabilized the capital structure while also making significant contributions to strengthen the company’s operating profile,” Girish Saligram, the president and chief executive officer of Weatherford, said in a company statement.

“I want to personally thank Keith for his dedication and partnership on this journey and wish him the very best. As demonstrated by our first quarter 2022 results, our operating performance continues to improve, and the company has a bright future ahead,” Saligram added in the statement.

Commenting on the development, Jennings said, “since joining the company, I have witnessed the start of a powerful turnaround, which is evidenced by our financial performance”.

“I have confidence in the direction of the company and leadership, and our global team’s abilities to continue building the new Weatherford and will be cheering them on as they move forward,” he added.

On August 10, 2020, Weatherford announced that Jennings would join the company as executive vice president and chief financial officer, effective September 1, 2020.

Jennings has over 25 years of financial experience, including in the oilfield service and equipment industry, Weatherford’s website outlines. He joined Weatherford from Calumet Specialty Products Partners L.P., where he served as executive vice president and chief financial officer. Prior to that Jennings served successively as vice president, finance and vice president and treasurer for Eastman Chemical Company. Jennings has also served as vice president and treasurer of Cameron International Corporation and worked in finance leadership roles at Alghanim Industries, PepsiCo, Inc., Ingersoll-Rand and Monsanto.

Weatherford describes itself as a leading global energy services company. The business operates in approximately 75 countries and has a global talent network of approximately 17,000 team members, its site highlights.

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