Weatherford International PLC (NYSE:WFT), has recently initiated a lay-offs program. Originally, prior to the layoffs the company reported having over 2,209 employees, the current total employee count has not been noted. However, it has been stated by the company that there have been promotions in their ranks.
These promotions, follow approximately over a month after the CEO of Weatherford left the firm. One of the most significant promotions was Christopher Bausch, who was promoted to executive vice president, as well as CFO.
This role was formally occupied by Krishna Shivram, who was named interim CEO, following the leave of the previous CEO. The decided execution date of this promotion is to be December, `13. However, it was also disclosed that Shivram would only occupy the position of interim CEO when his current position as CFO was fulfilled by another.
Further promotions made by Weatherford
Another promotion, which significantly plays roles in the ranks of the company, is the promotion of Frederico Justus, who will be granted the role of President of Operations. This role is also to be executed on December, 13.
This follows the announcement, that the previous president of operations, Anthony Branch, will be leaving the company.
When Shivram was questioned on the appointment of his position and Bausch’s appointment as interim CEO, he stated, “Christoph’s previous experience as public CFO, his financial expertise, depth of knowledge in the oil and gas industry, as well as leadership capabilities will further help strengthen our focus on financial discipline, cash flow generations, and improved cost efficiencies.”
THE MORNING REPORT
Start your workday the right way with the news that matters most.
Your information is 100% secure with us and will never be shared Disclaimer & Privacy Policy
It was also recorded that the company was confident in Justus taking over the position of president of operations. According to the company, his most critical factor is his experience, and hands-on knowledge. When questioned, Shivram also declared that his company was on a positive path to expansion.
Further details on the layoffs from Weatherford
It is no secret that the energy slump has caused major issues for the company, with it being downgraded by Fitch Ratings on November, 15. However, in order to retain its relevance, the company decided to cut costs, through layoffs.
Although the company has already performed a large number of layoffs previous years, it was recorded that a total of 8,000 positions were cut in 2016. Through cutting down on the number of employees that the company is responsible for, it has saved over $50 million per annum.
