Bernard J. Duroc-Danner, chairman of the board, president and CEO, of Weatherford International has resigned, effective immediately. Robert Rayne, current vice chairman of the board, will serve as chairman of the board. Krishna Shivram take over as interim CEO, and will continue as chief financial officer (CFO) until a new CFO is named.
"We look forward to moving ahead to build upon the successes of the company that Duroc-Danner has built and grown and are infinitely thankful for his service," Rayne said. "We will continue to rely on our very experienced and talented management team to steer the company forward and to continue making progress on enhancing shareholder value. We have full confidence that Shivram is the right person to lead the company in this very challenging market and he has our full support."
Of his new appointment, Shivram said: "I am grateful to the board for this opportunity to further serve Weatherford. We have the people, technology and global reach to thrive in an improving market backdrop. I look forward to the challenges and opportunities ahead, and want to personally thank Bernard for his mentorship and guidance."
Krishna Shivram was appointed executive vice president and CFO in November 2013. Shivram has over 25 years of financial and operational management experience in the oilfield service industry and previously worked for Schlumberger in a variety of roles across the globe.