Weatherford appoints interim CEO, announces CFO’s planned departure

HOUSTON -  Weatherford International announced that Karl Blanchard, Executive Vice President and COO, will assume the role of Interim CEO, reporting directly to the Board of Directors, until a permanent President and CEO has been appointed.

In addition, Christian Garcia, Executive Vice President and CFO, 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."

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."