Helix CFO Tony Tripodo leaves post abruptly

  • Signs for push-out forces
  • After almost nine years on the job
  • Praise for Tripodo
  • Erik Staffeldt taking over
  • Tripodo will remain as Executive Vice President and Senior Advisor at Helix

(exechange) — Houston, Texas, June 05, 2017 — Tony Tripodo, finance chief of Helix, leaves the position. It is an abrupt change. As announced by Helix Energy Solutions Group, Inc. in a news release and in a regulatory filing published on Monday, June 05, 2017, Anthony (Tony) Tripodo leaves the post as Chief Financial Officer at the offshore energy services company in a surprising move after almost nine years on the job, effective immediately.

Tripodo’s duties are taken over by Erik Staffeldt, most recently Vice President – Finance and Accounting at Helix Energy Solutions Group, Inc.

“Consistent with the company’s long standing succession plan”

The sudden management change is explained as follows. Helix said: “Helix Energy Solutions Group, Inc. … announced certain changes within its executive management team consistent with the company’s long standing succession plan, effective June 5, 2017.”

Tripodo will remain as Executive Vice President and Senior Advisor at Helix

“Tony Tripodo, who has served as Helix’s Executive Vice President and Chief Financial Officer since June of 2008, will be transitioning to the position of Executive Vice President and Senior Advisor,” Helix said.

In his new role Tripodo will be responsible for assisting Owen Kratz, Helix’s President and Chief Executive Officer, in continuing to develop the long term business and financial strategy of the company.

“Tony will continue to remain involved in the company’s financial planning and in generally assisting with the orderly transition of some of his former responsibilities as Chief Financial Officer,” Helix said.

“Resigned”

Helix said: “[E]ffective June 5, 2017, Tony Tripodo has been appointed to the position of Executive Vice President and Senior Advisor. As a result, he has resigned as Helix’s Executive Vice President and Chief Financial Officer.”

Share price decline

The change follows a sharp decline in the share price of Helix Energy Solutions Group, Inc. since November 2014.

CEO: Owen Kratz

Owen Kratz serves as CEO of Helix Energy Solutions Group, Inc.

Kratz is President and Chief Executive Officer of Helix.

He was named Executive Chairman in October 2006 and served in that capacity until February 2008 when he resumed the position of President and Chief Executive Officer.

On the job as CFO since 2008

Anthony Tripodo was elected as Executive Vice President and Chief Financial Officer of Helix on June 25, 2008.

Tripodo oversaw the finance, treasury, accounting, tax, information technology and corporate planning functions.

Tripodo was a director of Helix from February 2003 until June 2008.

Prior to joining Helix, Tripodo was the Executive Vice President and Chief Financial Officer of Tesco Corporation.

From 2003 through the end of 2006, he was a Managing Director of Arch Creek Advisors LLC, a Houston based investment banking firm.

From 1997 to 2003, Tripodo was Executive Vice President of Veritas DGC, Inc., an international oilfield service company specializing in geophysical services, including serving as Executive Vice President, Chief Financial Officer and Treasurer of Veritas from 1997 to 2001.

Previously, Tripodo served 16 years in various executive capacities with Baker Hughes, including serving as Chief Financial Officer of both the Baker Performance Chemicals and Baker Oil Tools divisions.

Tripodo also has served as a director of three publicly-traded companies in the oilfield services industry in addition to his prior service as a director of Helix.

He graduated Summa Cum Laude with a Bachelor of Arts degree from St. Thomas University (Miami).

Signs for push-out forces

It is not completely certain what forces eventually triggered Tony Tripodo’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 24.2017 ($).