Weatherford International has appointed Mark A. McCollum as President and CEO, as well as a member of the Board of Directors, with an effective start date in late April 2017. Mr McCollum has more than 36 years of experience in the energy sector, most recently as Executive Vice President and Chief Financial Officer at Halliburton Company. In addition, William Macaulay has been appointed Chairman of the Board of Directors.
Mr Macaulay commented, “We are extremely excited to have Mark as our CEO and as new member of the Board. After conducting a thorough executive search, the Board determined that Mark’s significant industry experience, proven track record and leadership expertise makes him the ideal choice to lead Weatherford.”
Mr Macaulay continued, “Consistent with our recent communications, our near-term priorities remain unchanged and focused on driving sustainable free cash flow, higher returns and improved financial flexibility. Furthermore, we remain committed to the core elements of our near-term strategy and will achieve these objectives through debt reduction, non-core asset dispositions and getting back to the basics in the way we work as we continue serving our customers with excellence and the highest level of service quality. The Board and I are highly confident that Mark is well suited to lead Weatherford in these efforts and execute a longer-term strategy to position the company for the next chapter in its evolution. We look forward to working with him on these important steps.”
Commenting on his appointment, Mr McCollum said, “I am excited to join the company at such an important time. Weatherford is an excellent company with great people, technology and global reach. I look forward to working with the team to build a stronger and healthier Weatherford with a clear purpose and vision for the future. I believe Weatherford is well positioned to maximize opportunities in the recovering market and provide exceptional service to our customers and value to our shareholders.”
Mr McCollum most recently served as Chief Financial Officer of Halliburton Company, a position he started in 2008 and resumed in July 2016 following an interim role as Chief Integration Officer during the pendency of Halliburton’s proposed acquisition of Baker Hughes. Prior to joining Halliburton, Mr McCollum held a number of senior positions at Tenneco, including Chief Financial Officer, and served as an Audit and Advisory Partner in Arthur Andersen‘s Energy Division, where he began his career.
Mr McCollum is a member of the Board of Directors and the Audit and Compensation Committees at Archrock, previously known as Exterran Holdings. He is also a Regent at Baylor University and serves on the Baylor College of Medicine Board of Trustees. Mr McCollum received his Bachelor Degree in Business Administration and Accounting from Baylor University and is a registered CPA in the State of Texas.
Krishna Shivram will be departing as interim CEO effective immediately. Christoph Bausch, Weatherford’s Executive Vice President and Chief Financial Officer, will serve as acting CEO until Mr McCollum assumes the role in a permanent capacity.
Mr Macaulay concluded, “I would like to take this opportunity to thank Krishna for his contributions to the company and his years of service at Weatherford. Krishna was instrumental in helping us through this transition process while setting the company on the right path forward. The entire Weatherford family wishes him well in his future endeavors.”