Weatherford Announces New Appointment to Board of Directors

Rhea-AI Summary

Weatherford International plc (NASDAQ: WFRD) has appointed Steven Beringhause to its Board of Directors, effective July 23, 2024. This appointment increases the board size to six members, with Beringhause's term expiring at the 2025 Annual Meeting of Shareholders. Beringhause brings extensive experience in managing advanced technology for commercial applications and leading businesses with P&L responsibility, having served as the chief technology officer at Sensata Technologies from 2015 to 2020.

Chairman Charles M. Sledge and CEO Girish Saligram welcomed Beringhause, highlighting his expertise in digital commercial applications and engineering background as valuable assets for Weatherford's growth and innovation. Beringhause's appointment is expected to enhance the company's differentiated portfolio and drive shareholder value.

Positive

• Appointment of Steven Beringhause to the Board of Directors, bringing expertise in digital commercial applications and technology management
• Potential for enhanced growth and innovation due to Beringhause's experience in advanced technology and P&L responsibility
• Expansion of the Board to six members, potentially improving governance and strategic oversight

Negative

• None.

News Market Reaction – WFRD

-9.15%

1 alert

-9.15% News Effect

On the day this news was published, WFRD declined 9.15%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HOUSTON, July 23, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced that its Board of Directors (the “Board”) has appointed Steven Beringhause as a director with a term expiring at the 2025 Annual Meeting of Shareholders. His appointment is effective July 23, 2024, and will increase the size of the Company's Board to six members.

Charles M. Sledge, Chairman of the Weatherford Board of Directors, commented, "On behalf of the Board, we welcome Steve to Weatherford’s Board of Directors. We are confident that Steve’s wealth of experience managing leading digital commercial applications will be very valuable to our continued growth and innovation. We look forward to leveraging his insights and leadership as we continue our journey of delivering value to our shareholders."

Girish Saligram, President, Chief Executive Officer, and Director of Weatherford, remarked, "I am excited to welcome Steve to our Board. With his strong engineering and technology background, he brings a blend of technical expertise and strategic vision that will be an enabler as we enhance our differentiated portfolio and propel Weatherford to new heights."

Mr. Beringhause served as a director for Meritor Inc. from December 2019 through its acquisition by Cummins, Inc. in 2022. He has extensive experience managing advanced technology for commercial applications and leading businesses with P&L responsibility due to his many years with Sensata Technologies, a spin-off of Texas Instruments, where he served as the chief technology officer from 2015 through 2020. Mr. Beringhause held the role of Executive Vice President of Performance Sensing from 2013 through 2017, leading Sensata's largest business unit and driving excellent growth and profitability improvement. He joined Sensata's predecessor company, Texas Instruments, in 1988, and held a series of positions of increasing responsibility and oversight in the engineering function, where he helped shift the company's focus to a new range of safety sensors for automotive and commercial vehicle applications. Mr. Beringhause has a Master of Science and a Bachelor of Science, both in mechanical engineering, from the Massachusetts Institute of Technology.

About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.

Contacts
For Investors:
Mohammed Topiwala
Vice President, Investor Relations and M&A
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Senior Director, Communications & Employee Engagement
+1 346-232-8690
media@weatherford.com

FAQ

Who is the new board member appointed to Weatherford International plc (WFRD)?

Steven Beringhause has been appointed as a new board member to Weatherford International plc (WFRD), effective July 23, 2024.

What is Steven Beringhause's background and expertise relevant to Weatherford (WFRD)?

Steven Beringhause has extensive experience in managing advanced technology for commercial applications. He served as the chief technology officer at Sensata Technologies from 2015 to 2020 and has a strong engineering background with degrees from MIT.

How many members are now on Weatherford's (WFRD) Board of Directors after this appointment?

With Steven Beringhause's appointment, Weatherford's (WFRD) Board of Directors has increased to six members.

When does Steven Beringhause's term on Weatherford's (WFRD) Board expire?

Steven Beringhause's term on Weatherford's (WFRD) Board of Directors is set to expire at the 2025 Annual Meeting of Shareholders.