Weatherford International Plc on June 17 said COO Karl Blanchard will assume the role of interim CEO.
Previously, Blanchard was set to share CEO duties with CFO Christian Garcia while the Houston-based oilfield service company searched for a candidate to replace Mark A. McCollum, who resigned from the position on June 8.
Weatherford said in a release on June 17 that Garcia had decided to leave the company following the filing of its second-quarter financial results on Aug. 5. Garcia had served as Weatherford’s CFO since November 2019. His successor will be named at a later date.
In a statement, Garcia commented, “Leaving Weatherford is a difficult personal decision. In my short tenure, I have seen the company’s potential for value creation and the strength of Weatherford’s leadership team and employees. Weatherford is taking aggressive actions to address the current challenging environment, and I wish the company well as it moves forward.”
Weatherford previously completed a financial restructuring in December 2019 after having filed for Chapter 11 bankruptcy earlier last year.
On June 17, Weatherford’s board of directors also appointed Benjamin C. Duster IV to serve as a director.
Duster is founder and CEO of Cormorant IV Corporation LLC, a consulting firm specializing in operational turnarounds and organizational transformations. He is a 30-year veteran of Wall Street with extensive experience in M&A and strategic advisory services in both developed and emerging markets, according to the Weatherford release.
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