Weatherford International has shaken up its executive team with the appointment of Mark McCollum as president and CEO of the company, effective April 2017. The company's interim CEO Krishna Shivram has resigned from Weatherford, effective immediately.
McCollum, an executive with over 36 years in the oil and gas industry, most recently served as executive vice president and CFO at rival service company Halliburton.
Weatherford's previous board chairman, president and CEO Bernard J. Duroc-Danner, resigned his position in November. Weatherford's then-CFO Shivram took over as interim CEO, and was replaced as CFO by Christoph Bausch, who will now become acting CEO until McCollum assumes the role next month.
McCollum began serving as Halliburton's CFO 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, McCollum held a number of senior positions at Tenneco, including CFO, and served as an audit and advisory partner in Arthur Andersen's Energy Division, where he began his career.
McCollum serves on 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 sits on the Baylor College of Medicine Board of Trustees.
McCollum received his Bachelor's in Business Administration and Accounting from Baylor University, and is a registered CPA in Texas.
In addition to McCollum joining Weatherford's board of directors, William Macaulay has been appointed chairman of the board.
"We are extremely excited to have Mark as our CEO and as new member of the board," said Macaulay, of McCollum's appointment. "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."
Of his appointment to CEO, 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."
Macaulay thanked outgoing interim CEO Shivam for years 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."
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