BAAR, Switzerland,
March 6, 2017 /PRNewswire/
-- Weatherford International plc (NYSE: WFT) announced today
that after a full and diligent search process, the Board has
appointed Mr. Mark A. McCollum as
President and Chief Executive Officer, as well as a member of the
Board of Directors, with an effective start date in late
April 2017. Mr. McCollum is a proven
executive with an impressive background spanning over 36 years in
the energy sector, most recently as Executive Vice President and
Chief Financial Officer at Halliburton Company. In addition to Mr.
McCollum joining the Board of Directors of the Company, Mr.
William Macaulay has been appointed
Chairman of the Board of Directors.
Mr. Macaulay, Weatherford's Chairman of the Board of
Directors, commented, "We are extremely excited to have Mark as our
CEO and as new member of the Board. After conducting a thorough
executive search the Board determined that Mark's significant
industry experience, proven track record and leadership expertise
makes him the ideal choice to lead Weatherford."
Mr. Macaulay continued, "Consistent with our recent
communications, our near-term priorities remain unchanged and
focused on driving sustainable free cash flow, higher returns and
improved financial flexibility. Furthermore, we remain committed to
the core elements of our near-term strategy and will achieve these
objectives through debt reduction, non-core asset dispositions and
getting back to the basics in the way we work as we continue
serving our customers with excellence and the highest level of
service quality. The Board and I are highly confident that Mark is
well suited to lead Weatherford in
these efforts and execute a longer-term strategy to position the
Company for the next chapter in its evolution. We look forward to
working with him on these important steps."
Commenting on his appointment, Mr. McCollum said, "I am
excited to join the Company at such an important time. Weatherford is an excellent company with great
people, technology and global reach. I look forward to working with
the team to build a stronger and healthier Weatherford with a clear purpose and vision
for the future. I believe Weatherford is well positioned to maximize
opportunities in the recovering market and provide exceptional
service to our customers and value to our shareholders."
Krishna Shivram will be
departing as interim Chief Executive Officer effective immediately.
Christoph Bausch, Weatherford's Executive Vice President and
Chief Financial Officer will serve as acting Chief Executive
Officer until Mr. McCollum assumes the role in a permanent
capacity.
Mr. Macaulay concluded, "I would like to take this
opportunity to thank Krishna for his contributions to the Company
and his years of service at Weatherford. Krishna was instrumental in
helping us through this transition process while setting the
Company on the right path forward. The entire Weatherford family wishes him well in his
future endeavors."
About Mark A.
McCollum
Mr. McCollum's has over 36 years of leadership experience
in the energy sector. Most recently he served as Chief Financial
Officer of Halliburton Company, a position he started in 2008 and
resumed in July of 2016 following an interim role as Chief
Integration Officer during the pendency of Halliburton's proposed
acquisition of Baker Hughes Incorporated. Prior to joining
Halliburton, Mr. McCollum held a number of senior positions at
Tenneco, Inc., including Chief Financial Officer, and served as an
Audit and Advisory Partner in Arthur Andersen's Energy Division,
where he began his career.
Mr. McCollum is a member of the Board of Directors and the
Audit and Compensation Committees at Archrock, Inc., previously
known as Exterran Holdings. He is also a Regent at Baylor University and on the Baylor College of Medicine Board of Trustees. Mr.
McCollum received his Bachelor Degree in Business Administration
and Accounting from Baylor University,
and is a registered CPA in the State of
Texas.
About Weatherford
Weatherford is one of the
largest multinational oilfield service companies providing
innovative solutions, technology and services to the oil and gas
industry. The Company operates in over 90 countries and has a
network of approximately 900 locations, including manufacturing,
service, research and development, and training facilities and
employs approximately 30,000 people. For more information, visit
www.weatherford.com and connect with Weatherford on LinkedIn, Twitter, YouTube and
Facebook.
Forward-Looking Statements
This news release contains forward-looking statements.
These forward-looking statements include, among other things, the
Company's strategies and priorities, and are also generally
identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "outlook," "budget," "intend,"
"strategy," "plan," "guidance," "may," "should," "could," "will,"
"would," "will be," "will continue," "will likely result," and
similar expressions, although not all forward-looking statements
contain these identifying words. Such statements are based upon
Weatherford's current beliefs and
are subject to significant risks, assumptions and uncertainties.
Should one or more of these risks or uncertainties materialize, or
underlying assumptions prove incorrect, actual results may vary
materially from those indicated in our forward-looking statements.
Readers are also cautioned that forward-looking statements are only
predictions and may differ materially from actual future events or
results. Forward-looking statements are also affected by the risk
factors described in the Company's Annual Report on Form 10-K for
the year ended December 31, 2016 and
those set forth from time-to-time in the Company's other filings
with the Securities and Exchange Commission ("SEC"). We undertake
no obligation to correct or update any forward-looking statement,
whether as a result of new information, future events, or
otherwise, except to the extent required under federal securities
laws.
Contacts:
|
|
Christoph Bausch
|
+1.713.836.4615
|
|
|
Acting Chief Executive Officer, EVP and
CFO
|
|
|
|
|
|
|
|
Karen David-Green
|
+1.713.836.7430
|
|
|
Vice President – Investor Relations, Marketing and
Communications
|
|
Logo -
http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO