- Push-out Score determined
- After about a year and a half in the position
- Praise and good wishes for Rynd
- Quintin Kneen taking over
(exechange) — Houston, Texas, September 4, 2019 — This news came the day after Labor Day. John Rynd, chief executive of Tidewater, leaves. As announced by Tidewater Inc. in a news release published on Tuesday, September 3, 2019 and in a regulatory filing published on Wednesday, September 4, 2019, John T. Rynd leaves his post as Chief Executive Officer at the petroleum service company after about a year and a half in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange. On an accumulated basis, around 14% of the CEOs who announced their departure over the past 12 months left their posts within two years, and 24% left their posts within three years.
John Rynd’s duties as CEO will be taken over by Quintin V. Kneen, currently Chief Financial Officer of Tidewater Inc.
Kneen will also continue to serve as the Company’s Chief Financial Officer until a successor is appointed to that position.
“Tidewater continues to navigate its way through an industry still seeking a fulsome recovery”
A reason for John Rynd’s departure from the CEO post was not explicitly provided. Tidewater’s Chairman of the Board, Thomas R. Bates, Jr., said: “The Board is confident that Quintin will do an excellent job as Tidewater continues to navigate its way through an industry still seeking a fulsome recovery.”
Precise information regarding John Rynd’s future plans was not immediately available.
Tidewater said: “John T. Rynd is retiring as President, Chief Executive Officer, and director of Tidewater.”
Tidewater further said: “On September 3, 2019, Tidewater Inc. (“Tidewater”) announced that John T. Rynd, President, Chief Executive Officer, and a director of Tidewater, is retiring and resigning from all positions with Tidewater effective immediately.”
Share price decline
The announcement follows a decline in Tidewater Inc.’s share price of 49% since September 2018.
Chaired by Thomas R. Bates, Jr.
Tidewater Inc. is chaired by Thomas R. Bates, Jr.
In the position of CEO since 2018
John Rynd became CEO of the Company in March 2018.
Rynd was appointed to serve as Tidewater’s president, chief executive officer, and a director effective March 5, 2018.
He served as an outside director of Hornbeck Offshore, Inc. from 2011 to February 2018.
From 2008 through 2016, Rynd served as President, Chief Executive Officer, and a director of Hercules Offshore, Inc., a publicly traded global provider of offshore contract drilling and liftboat services (“Hercules”).
On August 13, 2015, Hercules and certain of its subsidiaries filed voluntary petitions for relief under the provisions of Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
On November 6, 2015, Hercules emerged from bankruptcy.
On June 5, 2016, Hercules again filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
On December 2, 2016, Hercules’ assets were transferred to the HERO Liquidating Trust, and the common stock was canceled pursuant to its Chapter 11 plan.
Prior to his time with Hercules, Rynd spent 11 years with Noble Drilling Services, Inc., where he served in a variety of management roles.
Earlier in his career, he served in various roles of increasing levels of responsibility with Chiles Offshore and Rowan Companies.
Rynd served as Chairman of the National Ocean Industries Association (NOIA) from 2014-15 and currently holds an Ex-Officio position on the Executive Committee.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Tidewater and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2019 ($).