Dril-Quip, Inc. Announces Departure of Chief Financial Officer

Rhea-AI Summary

Dril-Quip (NYSE: DRQ) announced the resignation of Raj Kumar, CFO, effective November 1, 2021, as he pursues another opportunity. The company is conducting an executive search for his successor. CEO Blake DeBerry expressed gratitude for Kumar's contributions during the company's transformation efforts and confirmed the strength of the existing finance team to ensure continuity. The company specializes in manufacturing drilling and production equipment for challenging environments.

Positive

• CEO's statement highlights strong existing finance team.
• Confident transition process with engagement of an executive search firm.

Negative

• Resignation of CFO could create short-term uncertainty in financial leadership.

HOUSTON, Oct. 01, 2021 (GLOBE NEWSWIRE) -- Dril-Quip, Inc. (NYSE: DRQ) (the “Company” or “Dril-Quip”) announced today that Raj Kumar, Vice President and Chief Financial Officer, has resigned his position with Dril-Quip effective November 1, 2021 to take another opportunity and will assist in a smooth transition of his duties. The Company has engaged an executive search firm to conduct a search for its next Chief Financial Officer.

Blake DeBerry, Dril-Quip's Chief Executive Officer, commented, “I appreciate Raj’s involvement in all of our recent successful transformation efforts, and on behalf of the board and executive team, I want to thank him for his service and contributions to Dril-Quip. We wish him all the best in his future endeavors. We have a strong finance team in place, and I am confident that they will continue driving our financial functions until our next Chief Financial Officer is appointed.”

About Dril-Quip

Dril-Quip is a leading manufacturer of highly engineered onshore and offshore drilling and production equipment that is particularly well suited for use in deep water, harsh environments, and severe service applications. www.dril-quip.com

https://www.linkedin.com/company/dril-quip

Investor Relations Contact

Blake Holcomb – Director of Investor Relations and Corporate Planning
(713) 939-0047 x 6364
Blake_Holcomb@dril-quip.com

FAQ

What is the date of Raj Kumar's resignation from Dril-Quip?

Raj Kumar's resignation from Dril-Quip is effective November 1, 2021.

Who will replace Raj Kumar as CFO of Dril-Quip?

Dril-Quip has engaged an executive search firm to find a new Chief Financial Officer.

What did Dril-Quip CEO say about Raj Kumar's resignation?

Dril-Quip's CEO Blake DeBerry expressed gratitude for Kumar's contributions and mentioned the strength of the existing finance team.

What does Dril-Quip specialize in?

Dril-Quip specializes in manufacturing drilling and production equipment for deep water and harsh environments.

What impact could the CFO resignation have on DRQ stock?

The resignation of the CFO may introduce short-term uncertainty which could affect investor sentiment regarding DRQ stock.