Dril-Quip Announces Management Promotions

Rhea-AI Summary

Dril-Quip (NYSE: DRQ) announced key executive promotions as part of its organizational transformation on May 14, 2020. Jeffrey J. Bird is promoted to President and Chief Operating Officer, while Raj Kumar becomes Vice President and Chief Financial Officer. These changes aim to streamline operations and position the company for ongoing success in a challenging market. Bird, with the company since 2017, has been instrumental in the global business transformation, and Kumar has led successful finance initiatives. The leadership team, including CEO Blake DeBerry, will work closely to guide the company forward.

Positive

• Jeffrey J. Bird's promotion aims to enhance operational efficiency as President and COO.
• Raj Kumar's promotion reflects his successful finance initiatives.

Negative

• None.

News Market Reaction – DRQ

+7.81%

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+7.81% News Effect

On the day this news was published, DRQ gained 7.81%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HOUSTON, May 15, 2020 (GLOBE NEWSWIRE) -- Dril-Quip, Inc. (NYSE: DRQ) today announced the promotions of Jeffrey J. Bird to President and Chief Operating Officer and Raj Kumar to Vice President and Chief Financial Officer, effective as of May 14, 2020. These new roles will complement the leadership of Blake DeBerry as Chief Executive Officer.

“I am happy to announce these promotions of both Jeff and Raj as we lead Dril-Quip through our current transformation efforts to further streamline our operations and position the Company for continued success,” said Dril-Quip’s Chief Executive Officer Blake DeBerry. “Since joining the Company in 2017, Jeff has made significant contributions to the Company’s success, including our global business transformation that we undertook in 2018-2019 and strategy changes in our manufacturing operations, supply chain and sales organization. Similarly, Raj has led several successful initiatives in our Finance organization with his finance and accounting expertise. I am confident that each of them will succeed in their new roles. In my role as Chief Executive Officer, I look forward to continuing to work with Jeff, Raj and our entire management team as we guide the Company through this challenging market for our industry.”

Mr. Bird has served as Dril-Quip’s Senior Vice President – Production Operations and Chief Financial Officer since February 2019, prior to which he was Vice President and Chief Financial Officer since he joined the Company in March 2017. Mr. Kumar has served as Dril-Quip’s Vice President – Finance and Chief Accounting Officer since February 2019, prior to which he was Vice President and Treasurer since he joined the Company in June 2017.

About Dril-Quip

Dril-Quip is a leading manufacturer of highly engineered drilling and production equipment for use onshore and offshore, which is particularly well suited for use in deep water, harsh environments and severe service applications.

Investor Relations Contact

Blake Holcomb, Director of Investor Relations and Corporate Planning
(713) 939-7711
Blake_Holcomb@dril-quip.com

FAQ

What recent executive changes occurred at Dril-Quip (DRQ)?

Dril-Quip promoted Jeffrey J. Bird to President and COO and Raj Kumar to CFO, effective May 14, 2020.

Who are the new executives at Dril-Quip (DRQ) as of May 2020?

Jeffrey J. Bird is the new President and COO, and Raj Kumar is the new CFO.

What is the significance of the leadership changes at Dril-Quip (DRQ)?

The promotions are intended to streamline operations and support Dril-Quip's transformation efforts in a challenging market.

When did Jeffrey J. Bird and Raj Kumar get promoted at Dril-Quip (DRQ)?

Their promotions were effective May 14, 2020.

What roles did Bird and Kumar hold before their promotions at Dril-Quip (DRQ)?

Bird was Senior VP of Production Operations and CFO, while Kumar was VP of Finance and Chief Accounting Officer.