Halliburton’s McCollum resumes as CFO, after failed Baker Hughes merger

Halliburton's McCollum resumes as CFO, after failed Baker Hughes merger

Halliburton, one of the world’s biggest providers of oilfield services, has said Mark McCollum will resume his role as Executive Vice President and Chief Financial Officer “effective immediately.”

Mark McCollum will continue reporting to Dave Lesar, Chairman and Chief Executive Officer of Halliburton, and will remain a member of the company’s Executive Committee.

To remind, in December 2014, McCollum was appointed to the new role of Executive Vice President and Chief Integration Officer, as a head of the Joint Integration Team that Halliburton and Baker Hughes assembled in connection with Halliburton’s then proposed acquisition of Baker Hughes.

Halliburton at the time said that McCollum would resume his CFO duties at the conclusion of the two companies’ integration. The integration never happened, as earlier this year, Halliburton and Baker Hughes terminated the proposed merger agreement after a series of regulatory hurdles.

In connection with the termination of the merger agreement, Houston-based Halliburton said it would pay Baker Hughes the termination fee of $3.5 billion. The latest stumbling block of the proposed multi-billion merger was a lawsuit filed by the U.S. Department of Justice in April aiming to block the acquisition.

Commenting on the reappointment of McCollum as CFO, Dave Lesar, CEO said on Friday: “Mark is a proven leader with an impeccable track record for managing the financial direction of our company. We are pleased to have him resume his responsibilities as CFO and help drive Halliburton’s continued business success and increase shareholder value.”

Christian Garcia, who had assumed McCollum’s CFO responsibilities on an interim basis, will remain with the company as Senior Vice President of Finance until August 1, 2016, at which time he intends to take early retirement.

“We would like to thank Christian for his outstanding work as interim CFO during the last 18 months and wish him well in the future,” Lesar added.

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