Tidewater CEO Jeff Platt leaves abruptly

  • Push-out Score suggests push-out forces
  • After around five years on the job
  • Thanks and good wishes for Platt
  • Larry Rigdon taking over in the interim
  • Search for a successor
  • Platt spoke at length and said 83 words

(exechange) — New Orleans, Louisiana, October 17, 2017 — Jeff Platt, chief executive of Tidewater, leaves. It is an abrupt change. As announced by Tidewater Inc. in a news release published on Monday, October 16, 2017 and in a regulatory filing published on Tuesday, October 17, 2017, Jeffrey M. (Jeff) Platt has already left the post as Chief Executive Officer at the petroleum service company after around five years on the job, effective October 15, 2017.

Tidewater will undertake a search for a successor.

Platt’s duties are taken over in the interim by Larry Rigdon, a former executive at Tidewater Inc.

Already a director

Rigdon is already a director of Tidewater.

“The Board and I have agreed that the time is appropriate to transition the leadership”

The sudden management change is explained as follows. Platt said: “Having successfully completed the financial restructuring of Tidewater at the end of July, which positioned the Company to weather current industry conditions and achieve success in the future, the Board and I have agreed that the time is appropriate to transition the leadership of the Company.”

Precise information about the future plans of Platt was not immediately available.

“Retire/resigned”

Tidewater said: “Jeffrey M. Platt has elected to retire effective October 15, 2017 from his roles as CEO, President, and a director of Tidewater.”

Tidewater further said: “Jeffrey M. Platt has resigned from his position as the Company’s President and Chief Executive Officer and as a member of the Company’s board of directors …, effective October 15, 2017.”

Share price decline

The change follows a decline in the share price of Tidewater Inc. since June 2014.

Chaired by Thomas Robert Bates, Jr.

Tidewater Inc. is chaired by Thomas Robert Bates, Jr.

On the job as CEO since 2012

Jeffrey M. Platt has served as the company’s President and Chief Executive Officer since June 1, 2012.

Platt joined the company in 1996 as General Manager of its Brazilian operations.

In 2001, he assumed responsibility for all of the company’s joint ventures and business in Mexico.

In November 2001, Platt was promoted to the position of corporate Vice President with responsibility for all of the company’s business activities in South America, Mexico and the Caribbean.

In March 2004, he was promoted to Senior Vice President.

In this role, he was responsible for the Americas and operations in the Middle East and India. Prior to his appointment as President and Chief Executive Officer, Platt served as the Company’s Executive Vice President (from July 2006) and Chief Operating Officer (from March 2010).

Before he joined the Company’s company, Platt had a 15-year career with Schlumberger Well Services and Rollins Environmental Services.

Platt graduated from the University of Pittsburgh with a degree in Electrical Engineering.

Platt serves on the boards of Junior Achievement, the Seamen’s Church Institute, The U.S. Coast Guard Foundation, and the National Ocean Industries Association (NOIA).

Unexpected

Generally speaking, when a top manager announces to step aside with no permanent successor in place, it is a sign that the move was unexpected and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Jeff Platt’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 43.2017 ($).