Weatherford International this week announced that Karl Blanchard, Executive Vice President and Chief Operating Officer, will assume the role of Interim Chief Executive Officer, reporting directly to the Board of Directors, until a permanent President and Chief Executive Officer has been appointed.

In addition, Christian Garcia, Executive Vice President and Chief Financial Officer, has decided to leave the Company following the filing of the Company's second quarter financial results on August 5, 2020. The Company will announce Mr. Garcia's successor at a later date.

Charles M. Sledge, on behalf of the Board, commented, 
"The Board has full confidence in Karl's ability to lead the Company until a permanent CEO is named. Karl is a well-respected leader in the industry and has been instrumental in transforming Weatherford's global operations since joining the Company in 2017. We thank Christian for his service to the Company and wish him well in his future pursuits." 

Mr. Garcia commented, 
"Leaving Weatherford is a difficult personal decision. In my short tenure, I have seen the Company's potential for value creation and the strength of Weatherford's leadership team and employees. Weatherford is taking aggressive actions to address the current challenging environment, and I wish the Company well as it moves forward."

New Director Appointed
The Company's Board of Directors has appointed Benjamin C. Duster IV to serve as a Director. Mr. Sledge continued, "We are honored to welcome Ben to the Company's Board of Directors. We look forward to leveraging his knowledge and expertise to drive sustainable value creation for all of Weatherford's stakeholders."

About Benjamin C. Duster IV
Benjamin C. Duster IV, is Founder and CEO of Cormorant IV Corporation, LLC, a consulting firm specializing in operational turnarounds and organizational transformations. He is a 30-year veteran of Wall Street with extensive experience in M&A and Strategic Advisory Services in both developed and emerging markets. He received a Bachelor of Arts in Economics, with honors, from Yale University, a Juris Doctorate from Harvard Law School and an MBA from Harvard Business School.

About Karl Blanchard
Karl Blanchard was named Executive Vice President and Chief Operating Officer in August 2017. Mr. Blanchard previously served as the Chief Operating Officer for Seventy Seven Energy where he was responsible for the drilling, hydraulic fracturing, and rental tool business units, as well as key support functions. Prior to Seventy Seven Energy, Mr. Blanchard spent more than 30 years at Halliburton where he was responsible for a significant portion of the company's flagship product service lines, including production enhancement, cementing, and testing and subsea. He also served as Country Vice President of Halliburton Indonesia. Mr. Blanchard has a Bachelor of Science degree in engineering from Texas A&M University and is a member of the Society of Petroleum Engineers.

KeyFacts Energy Directory: Weatherford