Parker Drilling CFO Chris Weber leaves for Halliburton

  • Push-out Score suggests signs for push-out forces
  • After four years on the job
  • Thanks and good wishes for Weber
  • Jon-Al Duplantier taking over in the interim
  • Search for a successor

(exechange) — Houston, Texas, June 12, 2017 — Chris Weber, finance chief of Parker Drilling, leaves. It is an abrupt change. As announced by Parker Drilling Company in a news release and in a regulatory filing published on Monday, June 12, 2017, Christopher T. (Chris) Weber leaves the post as Chief Financial Officer at the provider of drilling services in a surprising move after four years on the job, effective immediately.

Weber leaves the company effective June 21, 2017.

Parker Drilling will undertake a search for a successor.

Weber’s duties are taken over in the interim by Jon-Al Duplantier, currently Senior Vice President, Chief Administrative Officer and General Counsel at Parker Drilling Company.

Weber will be CFO at Halliburton

“Christopher Weber, Parker Drilling’s Senior Vice President and Chief Financial Officer, is leaving the Company effective June 21, 2017 to become Executive Vice President and Chief Financial Officer at Halliburton Company,” Parker Drilling said. Halliburton Company is an oil field service company.

Share price decline

The change follows a decline in the share price of Parker Drilling Company since February 2014.

Chaired by Gary G. Rich

Parker Drilling Company is chaired by Gary G. Rich.

Rich is the chairman, president and chief executive officer of Parker Drilling. He was elected president and chief executive officer on October 1, 2012 and chairman on May 1, 2014.

On the job as CFO since 2013

Weber was selected as senior vice president and chief financial officer, effective May 20, 2013.

With nearly twenty years in the global drilling, oil and gas, and power industries, Weber brings extensive experience in international finance and operations activities including strategic planning, accounting, treasury, risk management, corporate development, turnaround initiatives, and competitor and market analysis.

Most recently, Weber served as vice president and treasurer of Ensco plc, one of the world’s largest offshore drilling companies with a market cap of $14 billion, revenues of $4 billion, and global operations spanning six continents where he led the company’s global treasury and risk management activities and was responsible for its capital structure, debt portfolio, liquidity, banking and rating agency relations, as well its global insurance and enterprise risk management programs.

Weber also served as co-leader for the global financial and operational integration of Ensco’s $7 billion acquisition of Pride International in 2011.

Weber holds an M.B.A. in Finance and Strategic Management from The Wharton School at the University of Pennsylvania and an undergraduate degree in Economics and English Literature from Vanderbilt University where he graduated Magna Cum Laude.

Push-out Score suggests signs for push-out forces

It is not completely certain what forces eventually triggered Chris Weber’s sudden 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 25.2017 ($).