Weatherford announces appointment of new president, CEO

BAAR, Switzerland -- Weatherford International has announced that after a full and diligent search process, the board has appointed Mark A. McCollum as president and CEO, as well as a member of the board of directors, with an effective start date in late April 2017.  McCollum is a proven executive with an impressive background spanning over 36 years in the energy sector, most recently as executive V.P. and CFO at Halliburton Company. In addition to McCollum joining the board of directors of the Company, William Macaulay has been appointed chairman of the board of directors.

Macaulay, Weatherford's chairman of the board of directors, commented, "We are extremely excited to have Mark as our CEO and as new member of the Board. After conducting a thorough executive search the board determined that Mark's significant industry experience, proven track record and leadership expertise makes him the ideal choice to lead Weatherford."

Macaulay continued, "Consistent with our recent communications, our near-term priorities remain unchanged and focused on driving sustainable free cash flow, higher returns and improved financial flexibility. Furthermore, we remain committed to the core elements of our near-term strategy and will achieve these objectives through debt reduction, non-core asset dispositions and getting back to the basics in the way we work as we continue serving our customers with excellence and the highest level of service quality. The board and I are highly confident that Mark is well suited to lead Weatherford in these efforts and execute a longer-term strategy to position the Company for the next chapter in its evolution. We look forward to working with him on these important steps."

Commenting on his appointment, McCollum said, "I am excited to join the Company at such an important time. Weatherford is an excellent company with great people, technology and global reach. I look forward to working with the team to build a stronger and healthier Weatherford with a clear purpose and vision for the future. I believe Weatherford is well positioned to maximize opportunities in the recovering market and provide exceptional service to our customers and value to our shareholders."

Krishna Shivram will be departing as interim CEO, effective immediately. Christoph Bausch, Weatherford's executive V.P. and CFO will serve as acting CEO until McCollum assumes the role in a permanent capacity.