Houston-based Parker Drilling Co. (NYSE:PKD) has a new CFO.
On Thursday, Parker announced that it has hired away offshore driller Ensco plc's vice president and treasurer, Christopher T. Weber, to become its own senior VP and Chief Financial Officer. Weber will take office on May 20.
Announcing the hire, Parker CEO Gary Rich described Weber as having "an impressive record in developing and supporting the successful execution of corporate strategies that create meaningful and sustainable value." He also said that he "possesses a well-rounded blend of advanced international finance and operations expertise as well as the proven ability to bring innovative solutions that are actionable and have a significant positive impact."
In moving up in position, Weber is moving down in size. At Ensco, he was treasurer for an offshore driller boasting $4 billion in annual revenues. At Parker, he'll be responsible for all financial operations at a firm with less than $700 million in annual revenues.
Parker shares rose modestly in response to the news yesterday, but are dropping back down today, off 0.3%, at $4.60.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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