William M. Austin plans to resign as senior vice president and chief financial officer of Key Energy Services Inc., Houston, (NYSE: KEG) on Feb. 6 to join the turnaround and restructuring group at Alvarez & Marsal.

Marshall Dodson has been named principal financial officer until the company finds a replacement CFO. He is vice president and chief accounting officer.

Key Energy president and chief executive Dick Alario says, “Bill's experience in special situations was of tremendous value to Key as the board set out to re-orient the company in 2004. Among other accomplishments, he rebuilt our financial team, led the effort to repair our accounting processes and successfully refinanced the company's debt twice, providing us with a solid liquidity position”

He adds that the company is sorry to lose Austin Alario and Key Energy will evaluate internal and external candidates in search of a permanent replacement.

Key Energy provides well services worldwide.