Diamond Offshore CFO Kelly Youngblood leaves for BJ Services

  • Push-out Score suggests push-out forces
  • After about a year and a half in the position
  • Scott Kornblau taking over in the interim
  • Search for a successor

(exechange) — Houston, Texas, December 1, 2017 — Kelly Youngblood, finance chief of Diamond Offshore, leaves. It is a change at short notice. As announced by Diamond Offshore Drilling, Inc. in a regulatory filing published on Monday, November 27, 2017, Kelly Youngblood, Chief Financial Officer, leaves the deepwater drilling contractor after about a year and a half in the position, effective December 1, 2017.

No company wants a CFO to flame out in the first years.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.7 years, according to data compiled by exechange. Only 21 percent of the CFOs who departed over the past twelve months left the position within two years, and 37 percent left the position within three years.

Diamond Offshore will undertake a search for a successor.

Youngblood’s duties will be taken over in the interim by Scott Kornblau, currently Vice President and Treasurer at Diamond Offshore Drilling, Inc.

“Resign”

Diamond Offshore said: “On November 20, 2017, Kelly Youngblood, Senior Vice President and Chief Financial Officer of Diamond Offshore Drilling, Inc. …, notified the Company of his intention to resign from the Company in order to accept a job as chief financial officer at another company.”

Youngblood will be CFO at BJ Services

BJ Services announced that Kelly Youngblood will join the Company as Executive Vice President and Chief Financial Officer.

BJ Services announced the move on Wednesday, November 29, 2017.

BJ Services is a petroleum industry company.

Share price decline

The change follows a decline in the share price of Diamond Offshore Drilling, Inc. since July 2013.

Chaired by James S. Tisch

Diamond Offshore Drilling, Inc. is chaired by James S. Tisch.

CEO: Marc Edwards

Marc Edwards serves as CEO of Diamond Offshore Drilling, Inc. Marc Gerard Rex Edwards has been the Chief Executive Officer, President and Director of Diamond Offshore Drilling, Inc. since March 3, 2014.

In the position of CFO since 2016

Kelly Youngblood has been Chief Financial Officer and Senior Vice President at Diamond Offshore Drilling, Inc. since May 2016.

Prior to joining the Company, Youngblood held a variety of managerial positions with Halliburton Company, one of the world’s largest providers of products and services to the energy industry.

Most recently, he served as Vice President, Investor Relations.

Youngblood joined Halliburton in 1988 as a Staff Accountant and served in numerous financial management positions for Halliburton and its subsidiaries, including Senior Director, Finance – Western Hemisphere and Director, External Reporting and Accounting Research.

Youngblood’s resignation will become effective on December 1, 2017.

At the time of Youngblood’s appointment as Chief Financial Officer at Diamond Offshore, Marc Edwards, President and Chief Executive Officer, had said: “We are very pleased to have someone with Kelly’s industry knowledge, finance and accounting expertise and existing relationships throughout the investment community assume the role of Chief Financial Officer.”

Warren Zemlak, BJ Services’ President and Chief Executive Officer, said: “We are excited to have Kelly join our leadership team. I am confident that he will make a significant contribution to BJ Services through his leadership of our finance and accounting organization.”

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Kelly Youngblood’s imminent 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 49.2017 ($).