Paragon Offshore in sudden management changes

Paragon Offshore, a global provider of offshore drilling rigs, has appointed a new President and Chief Executive Officer as well as a Chief Financial Officer, effective immediately.

Paragon said on Thursday that both roles would be filled on an interim basis.

Dean E. Taylor, a director of the company since its founding in 2014, has been named as the new President and CEO while Lee Ahlstrom, the current Senior Vice President of Investor Relations, Strategy, and Planning, has been named the new CFO.

Taylor and Ahlstrom succeed Randall Stilley and Steven Manz, respectively, who are no longer with the company. Also, Stilley, the former CEO of Paragon, is no longer a member of the Board of Directors.

The company has not offered any explanation as to why the two left the company so suddenly since Stilley and Manz both performed their duties during an earnings call on Monday when the company reported a smaller net loss for this year’s quarter compared to last year’s third quarter.

J. Robinson West, Chairman of the Board, said: “We are fortunate to have a deep bench of talent and thank Mr. Taylor and Mr. Ahlstrom for taking on these important responsibilities. The Board will work closely with them and our advisors in bringing the company’s ongoing restructuring efforts to a successful conclusion.”

Taylor has served as a member of Paragon’s Board of Directors and as the chairperson of Paragon’s Nominating and Corporate Governance Committee since its founding in 2014. He previously served in a variety of roles at Tidewater Inc. from 1978 through 2012, including Chief Executive Officer and Chairman of the Board.

Ahlstrom has served as Senior Vice President of Investor Relations, Strategy and Planning of Paragon since its founding in 2014. He has more than 20 years of experience in the oil and gas industry as a Senior Vice President – Strategic Development and Vice President of Investor Relations and Planning of Noble Corporation and through various management positions at UNOCAL Corporation and McKinsey & Company among others.

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