HOUSTON, June 8, 2020 /PRNewswire/ -- Weatherford
International plc (OTC Pink: WFTLF) ("Weatherford" or the "Company") today announced
that Mark A. McCollum, President,
Chief Executive Officer and a director, has left the Company,
effectively immediately. Karl
Blanchard, Executive Vice President and Chief Operating
Officer, and Christian Garcia,
Executive Vice President and Chief Financial Officer, will form the
Office of the Chief Executive, reporting directly to the Board of
Directors and will oversee the day to day operations. The Board of
Directors has initiated a search to identify a permanent President
and Chief Executive Officer and will work with a leading executive
search firm to assist in the process.
"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," said Thomas Bates,
Jr., Chairman of the Board. "Karl and Christian have
demonstrated that they have the experience and ability to assume
these expanded responsibilities. We are confident in their
leadership of the Company during this interim period as we conduct
the search for a Chief Executive Officer."
Mr. Bates concluded, "On behalf of the Board, we thank Mark for
his contributions to Weatherford.
We wish him the best."
About Karl
Blanchard
Karl
Blanchard was named Executive Vice President and Chief
Operating Officer in August 2017. Mr.
Blanchard previously served as the Chief Operating Officer for
Seventy Seven Energy where he was responsible for the drilling,
hydraulic fracturing, and rental tool business units, as well as
key support functions. Prior to Seventy Seven Energy, Mr. Blanchard
spent more than 30 years at Halliburton where he was responsible
for a significant portion of the company's flagship product service
lines, including production enhancement, cementing, and testing and
subsea. He also served as Country Vice President of Halliburton
Indonesia. Mr. Blanchard has a Bachelor of Science degree in
engineering from Texas A&M
University and is a member of the Society of Petroleum
Engineers.
About Christian
Garcia
Christian
Garcia joined Weatherford
in January 2020 as Executive Vice
President and Chief Financial Officer. Mr. Garcia previously served
as Executive Vice President and Chief Financial Officer at Visteon
Corporation, a leader in automotive cockpit electronics. He also
served as acting Chief Financial Officer of Halliburton Company
where he held a variety of leadership positions of increasing
responsibility. Earlier in his career, he held financial and
planning roles with Landmark Graphics, Bell and Howell, and San
Miguel Corporation in the
Philippines. Mr. Garcia served as board member and Chairman
of the Audit Committee for Keane Group from 2017 to 2019. Mr.
Garcia has a bachelor's degree in business economics from the
University of the Philippines, and a
master's degree in management from Purdue
University.
About Weatherford
Weatherford is the leading wellbore and
production solutions company. Operating in more than 80 countries,
the Company answers the challenges of the energy industry with its
global talent network of approximately 20,000 team members and 600
locations, which include service, research and development,
training, and manufacturing facilities. Visit weatherford.com for
more information or connect on LinkedIn, Facebook, Twitter,
Instagram, or YouTube.
Forward-Looking Statements
This news
release contains forward-looking statements concerning, among other
things, the Company's business strategy, plans, goals and
objectives. These forward-looking statements are 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 the
current beliefs of Weatherford's
management 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, including the
extent or duration of business interruptions associated with
COVID-19, the price and price volatility of oil and natural gas,
the macroeconomic outlook for the oil and gas industry, the
duration and severity of the impact of the COVID-19 pandemic on oil
and gas demand and commodity prices, our ability to generate cash
flow from operations to fund our operations, the outcome of any
discussions with our bondholders regarding the terms of a potential
restructuring of our indebtedness or a recapitalization of the
Company, realization of additional cost savings and operational
efficiencies and potential logistical issues and potential non-cash
asset impairment charges for long-lived assets, intangible assets
or other assets. 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,
2019, the Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2020, and
those set forth from time-to-time in the Company's other filings
with the Securities and Exchange Commission. 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.
Contact
Sebastian
Pellizzer
Senior Director, Investor Relations
+1 713-836-6777
investor.relations@weatherford.com
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