- Strong signs for push-out forces
- After around 18 years on the job
- Laud, praise and thanks for Duroc-Danner
- Krishna Shivram takes over in the interim
(management-change.com) — Baar, Switzerland, November 09, 2016 — Bernard Duroc-Danner, chief executive of Weatherford, leaves. It is an abrupt change. As announced by Weatherford International plc in a news release and in a regulatory filing published on Wednesday, November 09, 2016, Bernard J. Duroc-Danner leaves the post as Chief Executive Officer at the oil-field services company in a surprising move after around 18 years on the job, effective immediately.
It is the end of an era.
Duroc-Danner’s duties are taken over in the interim by Krishna Shivram, currently Chief Financial Officer at Weatherford International plc.
Robert Rayne, current Vice Chairman of the Board, will serve as Chairman of the Board.
No reason given
In the announcement, Weatherford did not explicitly explain the obviously compelling reason for Duroc-Danner’s sudden move, opening the door for speculation.
Generally speaking, it is often a danger signal for shareholders when a CEO leaves the position abruptly and without a reasonable explanation.
“Has accepted the resignation”
Weatherford said: “As of November 9, 2016, Weatherford International plc … has accepted the resignation of Bernard Duroc-Danner as Chief Executive Officer …, President and Chairman of the Board of Directors … of the Company.”
Precise information about the future plans of Duroc-Danner was not immediately available.
Share price decline
The change follows a decline in the share price of Weatherford International plc since July 2014.
ClearBridge holds 12.21 percent stake
ClearBridge Investments, LLC reported a 12.21 percent stake in Weatherford International plc as of June 30, 2016. ClearBridge is a privately owned investment manager.
On the job as CEO since 1998
Duroc-Danner, Ph.D., has been Chairman, Chief Executive Officer and President at Weatherford International plc since May 27, 1998.
Duroc-Danner joined EVI, Inc., Weatherford’s predecessor company, at inception in May 1987 and was directly responsible for the growth of EVI, Inc.’s oilfield service and equipment business.
He has directed the growth of the Company since that time.
He was elected EVI’s President and Chief Executive Officer in 1990.
Subsequent to the merger of EVI, Inc. with Weatherford Enterra, Inc. on May 27, 1998, Duroc-Danner was elected as Chairman of the Board.
Duroc-Danner also serves on the National Petroleum Council and is a member of the Society of Petroleum Engineers.
He is a frequent speaker at leading industry forums, such as the Oil & Money Conference and the Abu Dhabi International Petroleum Conference, and is recognized in the Oil & Gas Middle East 2016 ‘Power50’.
As a general rule, when a top manager announces to step aside with no permanent successor in place, it’s a sign that the change was unexpected and too early.
Strong signs for push-out forces
It is not completely certain what forces eventually triggered Bernard J. Duroc-Danner’s move.
The Push-out Score™ determined by management-change.com suggests strong signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 42.2016 ($).