Weatherford International Plc President and CEO Mark A. McCollum has left the company, effective immediately, according to a company release on June 8.

The Houston-based oilfield services company said in a statement that its board of directors has initiated a search to identify a permanent replacement for McCollum and will work with a “leading executive search firm” to assist in the process. In the interim, COO Karl Blanchard and CFO Christian Garcia will form the office of the chief executive, reporting directly to the board of directors and will oversee the day to day operations.

In a statement commenting on the change in leadership, Weatherford Chairman Thomas Bates Jr. said: “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.”

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