Mark A. McCollum, the President and CEO of Weatherford International PLC (NYSE:WFT), expressed that in 2017, they established the stage for the future of their firm. When he accepted this role last March, he noted the remarkable prospect available to company, and also the effort and time it would take to attain its full potential. He is delighted to report that the firm has embraced this movement for change and come together as a one, stronger firm.

The buzz

Looking back on the past year, one of the major steps Weatherford team took to support the foundation of their company was engaging in a comprehensive and thorough evaluation of the way they operate. They took an extensive look at their entire organization and stated that while company has several strong points, there remained a lot of space for improvement in consistency and efficiency.

They addressed these segments for improvement with an organizational realignment. The CEO of Weatherford expressed that their new structure prioritizes process discipline, clarifies responsibility and solidifies a strong association between their field-level decision makers and operational leadership.

Their new organizational setup is a cornerstone in their strategy to increase market share, deliver improved earnings, drive out cost, record positive cash flow, and ensure company’s success in a changing environment. The company is building on the momentum which is a result of their realignment by initiating a strategic change program designed to record improved earnings of at least $1 billion within 18 to 24 months. The change will warrant the transformation is based on process discipline, accountability, innovation and flawless execution.

Since release of company’s last annual report, Weatherford have welcomed Roxanne Decyk, Angela Minas and David King, as three new Board members. The fresh viewpoints of these experienced and skilled business leaders will be precious assets to their firm going forward.


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