Xtreme Drilling Corp. said on Aug. 4 that Tom Wood will be replaced as CEO by Matt Porter, effective immediately. Porter will step down as CFO, and will replace Wood on the board of directors.
Martin Ramirez was promoted to vice president of finance and corporate development, and John Wray was promoted to vice president of drilling operations. Ramirez will become the company’s principal financial officer.
Wood helped found the company and oversee its growth, helping design and develop Xtreme's tier 1 drilling fleet.
The press release said that following the sale of the XSR division and the repositioning of Xtreme as a pure contract drilling company, Wood and the board of directors had differing perspectives on the strategic vision for the company and mutually agreed to part ways.
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