After almost 30 years with the firm, Chairman and Chief Executive Officer of oil and gas services company Weatherford International has departed the company with immediate effect.
Weatherford International said on Wednesday that, after Bernard Duroc-Danner, Chairman, President, and CEO of the company departs, Robert Rayne who is the current Vice Chairman of the Board, would assume the position of Chairman.
Krishna Shivram will lead the company as the Chief Executive Officer on an interim basis while continuing to work as the company’s Chief Financial Officer (CFO) until a new CFO is named in the coming days.
Duroc-Danner joined EVI, Inc., Weatherford’s predecessor company, at inception in May 1987. After the merger of EVI, Inc. with Weatherford Enterra, Inc. on May 27, 1998, Duroc-Danner was elected as the company’s Chairman of the Board. He also serves on the National Petroleum Council and is a member of the Society of Petroleum Engineers.
Regarding the CEO’s departure, Rayne said: “We look forward to moving ahead to build upon the successes of the company that Duroc-Danner has built and grown and are infinitely thankful for his service.
“We will continue to rely on our very experienced and talented management team to steer the company forward and to continue making progress on enhancing shareholder value. We have full confidence that Mr. Shivram is the right person to lead the company in this very challenging market and he has our full support.”
Shivram added: “I am grateful to the Board for this opportunity to further serve Weatherford. We have the people, technology, and global reach to thrive in an improving market backdrop. I look forward to the challenges and opportunities ahead and want to personally thank Bernard for his mentorship and guidance.”
Krishna Shivram was appointed Executive Vice President and CFO of the company in November 2013. Shivram has over 25 years of financial and operational management experience in the oilfield service industry and previously worked for Schlumberger in a variety of roles across the globe.