Weatherford replaces CFO, VP for Tax Matters dues to accounting errors

Weatherford replaces CFO, VP for Tax Matters due to accounting errors

BY DREW FITZGERALD

HOUSTON -- Weatherford International named John H. Briscoe as its new chief financial officer, replacing Andrew P. Becnel, who will leave the company after accounting errors forced the oilfield services company to restate some past results.

Weatherford also said James M. Hudgins, its vice president for tax matters, will leave the company at the end of March.

The executive shift comes after the company last month said accounting errors will mean that investors should no longer rely upon its previously issued financial statements, sending its share price plummeting.

After reviewing its internal controls, Weatherford estimated its 2012 tax rate would reach 35%, higher than analysts had expected. It was the second time in less than a year that the company revealed financial reporting mistakes.

Briscoe, age 54, joined the oilfield services company in August as its chief accountant. He previously worked for driller Transocean.

Despite Weatherford's revenue reaching new highs amid a boom in North American oil and gas development, the company's bottom line has lagged rivals because of charges and weakness in its international operations.

Dow Jones Newswires