Keith Mosing, the longtime president and chief executive officer of Frank’s International who relinquished those titles to Gary Luquette in January 2015, stepped down as executive chairman of the company’s board of directors at the end of the year. Mosing will remain on the board but is no longer involved with the day-to-day activities of the global oilfield services company.
In a press release, the company says the change "represents the planned orderly transfer of leadership."
“I want to thank Keith for his service to Frank’s and its shareholders. Through over 43 years of service to Frank’s culminating as the Chairman, Chief Executive Officer and later Executive Chairman and Board Member, his contributions have been significant in making Frank’s the company it is today," Luquette, an Abbeville native, said in the announcement. "Keith pioneered the expansion of international operations of the Company and personally led the operation that today operates in approximately 60 countries. Personally, I have benefited from his wisdom and experience over the past year and look forward to our continued relationship in his new role.”
When he took over the top management post in January last year, Luquette, the former president of Chevron North America, became the only non-Mosing to lead the company in its nearly 87-year history.
Current Supervisory Board Director Michael C. Kearney was appointed to serve as chairman of the board. Kearney has served on the Frank’s International Board as chairman of the Audit Committee since November 2013 and lead supervisory director since May 2014. Kearney is also a director for Core Laboratories and Fairmount Santrol.
Kearney served as president and CEO of DeepFlex Inc. from September 2009 until June 2013, and previously as its executive vice president and chief financial officer. He also previously served as the executive vice president and CFO of Tesco Corporation as well as vice president of administration and CFO of Hydril Company.
Like its peers suffering the effects of the drastic oil price slide, Frank's has seen its stock tumble since its summer 2013 initial public offering, closing at $13.47 on Jan. 15.