Dril-Quip CFO Jerry Brooks leaves post at short notice

  • Signs for push-out forces
  • After 18 years on the job
  • Praise and thanks for Brooks
  • Jeff Bird taking over
  • Brooks will remain as Vice President of Investor Relations

(exechange) — Houston, Texas, March 09, 2017 — Jerry Brooks, finance chief of Dril-Quip, leaves the position. It is a change at short notice. As announced by Dril-Quip, Inc. in a news release on Thursday, March 09, 2017, Jerry M. Brooks leaves the post as Chief Financial Officer at the maker of drilling equipment in a surprising move after 18 years on the job, effective March 13, 2017.

It is the end of an era.

Brooks’ duties are taken over by Jeff Bird, most recently Chief Financial Officer at Frank’s International.

The fact that Brooks’ successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider doesn’t have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

No reason given

In the announcement, Dril-Quip did not explicitly explain the reason for Brooks’ imminent move, opening the door for speculation.

Brooks will remain as Vice President of Investor Relations at Dril-Quip

“Mr. Bird will succeed Jerry M. Brooks, who has accepted the newly created position of Vice President of Investor Relations, effective March 13, 2017,” Dril-Quip said.

Share price decline

The change follows a decline in the share price of Dril-Quip, Inc. since April 2014.

Chaired by John V.  Lovoi

Dril-Quip, Inc. is chaired by John V.  Lovoi.

John V. Lovoi was appointed Chairman of the Board in October 2011.

CEO: Blake T. DeBerry

Blake T. DeBerry serves as CEO of Dril-Quip, Inc. DeBerry was appointed President and Chief Executive Officer in October 2011.

On the job as CFO since 1999

Jerry M. Brooks is Vice President of Finance and Chief Financial Officer.

He has been Chief Financial Officer since March 1999.

Prior to that, he served as Chief Accounting Officer since joining the Company in 1992.

From 1980 to 1991, he held various positions with Chiles Offshore Corporation, most recently as Chief Financial Officer, Secretary and Treasurer.

Brooks holds a BBA in Accounting and an MBA from the University of Texas at Austin.

Signs for push-out forces

It is not completely certain what forces eventually triggered Jerry M. Brooks’ move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 11.2017 ($).