Weatherford Announces Executive Leadership Changes

Rhea-AI Summary

Weatherford International plc (NASDAQ: WFRD) announced that H. Keith Jennings, Executive Vice President and CFO, will depart the Company effective July 31, 2022. His exit is not due to any disagreements related to financial practices. CEO Girish Saligram praised Jennings for his contributions, noting improvements in the Company’s capital structure and operating profile. The Company has begun a search for Jennings' replacement with the help of an executive search firm. Weatherford operates in about 75 countries, employing around 17,000 staff.

Positive

• Strengthening of Weatherford's capital structure and operating profile under Jennings' leadership.
• Successful return to a major public exchange, indicating improved financial stability.

Negative

• Potential concerns about leadership continuity following Jennings' departure.
• Gap in experience until a new CFO is appointed.

HOUSTON, May 16, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") announced today that H. Keith Jennings, Executive Vice President and Chief Financial Officer, will leave the Company effective July 31, 2022. His leaving the Company is not the result of any dispute or disagreement regarding the Company's accounting or financial practices, statements, conditions, or operations.

Girish Saligram, President and Chief Executive Officer, commented, "Keith's commitment and leadership to the Company over the past two years helped Weatherford return to a major public exchange, improved and stabilized the capital structure while also making significant contributions to strengthen the Company's operating profile. I want to personally thank Keith for his dedication and partnership on this journey and wish him the very best. As demonstrated by our first quarter 2022 results, our operating performance continues to improve, and the Company has a bright future ahead."

H. Keith Jennings, Executive Vice President and Chief Financial Officer, commented, "Since joining the Company, I have witnessed the start of a powerful turnaround, which is evidenced by our financial performance. I have confidence in the direction of the Company and leadership, and our global team's abilities to continue building the new Weatherford and will be cheering them on as they move forward."

The Company has initiated a search for a replacement and is working with an executive search firm to assist in the process.

About Weatherford
Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 17,000 team members and approximately 350 operating locations, including manufacturing, research and development, service, and training facilities.

Contacts

For Investors:
Mohammed Topiwala
Director, Investor Relations and M&A
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Director, Global Communications
+1 713-836-4193
media@weatherford.com

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SOURCE Weatherford International plc

FAQ

Why is Keith Jennings leaving Weatherford (WFRD)?

Keith Jennings is leaving Weatherford on July 31, 2022, but this departure is not related to any financial disputes.

What impact might Jennings' departure have on Weatherford (WFRD)?

Jennings' departure could lead to concerns about leadership continuity and experience gaps until a replacement is found.

What contributions did Keith Jennings make to Weatherford (WFRD)?

Jennings helped stabilize Weatherford's capital structure and enhance its operating profile over the past two years.

Who will replace Keith Jennings as CFO of Weatherford (WFRD)?

Weatherford is currently searching for a new CFO with the assistance of an executive search firm.