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Weatherford International CFO Steps Down

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In an 8-K filing with the SEC, Weatherford International (NYSE: WFT  ) has announced that their CFO since March 2012 and Senior Vice President John Briscoe will be leaving the company to "pursue other opportunities" beginning tomorrow. He joined Weatherford in August 2011 as Chief Accounting Officer. Briscoe was named CFO after the company's former CFO resigned following troubles related to appropriately reporting income-tax.

Weatherford is in the midst of recruiting a successor, and has stated that it hopes to name the next CFO shortly.

Briscoe is expected to continue to support the company in a consulting capacity, and Weatherford believes his work allowed it to be in a good position as the company moves forward. The release did state that his departure is not expected to disrupt the financial operations or strategic initiatives of the company related to its income tax accounting material weakness.

The Chief Accounting Officer of Weatherford, as well as the Vice Presidents of Tax and Audit, will remain in their current roles and, in the interim, will report to the Chief Administrative Officer and Executive Vice President Dharmesh Mehta, who will maintain responsibility for all administrative and support functions.

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8/24/2016 4:02 PM
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Weatherford Intern… CAPS Rating: ****