Dril-Quip CEO Blake DeBerry leaves

  • Push-out Score determined
  • After around 10 years in the position
  • Praise and thanks for DeBerry
  • Jeff Bird taking over
  • DeBerry said 105 words

(exechange) — Houston, Texas, September 2, 2021 — Blake DeBerry, chief executive of Dril-Quip, leaves. As announced by Dril-Quip Inc. in a news release published on Wednesday, September 1, 2021, and in a regulatory filing published on Thursday, September 2, 2021, Blake T. DeBerry leaves his post as chief executive officer at the manufacturer of onshore and offshore drilling and production equipment, after around 10 years in the role, effective December 31, 2021.

Blake DeBerry’s duties as CEO will be taken over by Jeffrey J. (Jeff) Bird, currently President and Chief Operating Officer at Dril-Quip Inc.

“A good time to transition to new leadership”

Blake DeBerry’s departure from the CEO post is explained as follows. DeBerry said: “I believe the Company is well positioned for the anticipated improvement in our market in the coming years, making now a good time to transition to new leadership.”

Precise information regarding Blake DeBerry’s future plans was not immediately available.

“Step down”

Dril-Quip said: “Dril-Quip, Inc. (NYSE: DRQ) (the “Company” or “Dril-Quip”) announced today that its Board of Directors has appointed Jeffrey J. Bird as its President and Chief Executive Officer, and elected him to the Board, both effective as of January 1, 2022 to replace Blake T. DeBerry, who will step down at that time.”

Share price decline since September 2016

The announcement follows a decline in Dril-Quip Inc.’s share price of 56% since September 2016.

Chaired by John Lovoi

John Lovoi serves as Dril-Quip Inc.’s Chairman.

John V. Lovoi was appointed Chairman of the Board in October 2011 and has served as a member of the Board of Directors since May 2005.

He is also chairman of the Nominating and Governance Committee and a member of the Audit Committee and the Compensation Committee of the Board of Directors.

In the position of CEO since 2011

Blake DeBerry became CEO of the Company in 2011.

DeBerry will continue to serve as Chief Executive Officer and as a member of the Board until December 31, 2021.

DeBerry has been a Class II director and the Chief Executive Officer of the Company since October 2011.

DeBerry was also President from October 2011 to May 2020, was Senior Vice President — Sales and Engineering from July 2011 until October 2011, and was Vice President — Dril-Quip Asia-Pacific (which covers the Pacific Rim, Asia, Australia, India and the Middle East) from March 2007 to July 2011.

He has been an employee of the Company since 1988 and has held a number of management and engineering positions in the Company’s domestic and international offices.

DeBerry holds a Bachelor of Science degree in mechanical engineering from Texas Tech University.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding Blake DeBerry’s move on a scale of 0 to 10.

exechange reached out to Dril-Quip and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 36.2021 ($).