Houston oilfield services firm Frank’s International named its fourth chief executive in less than three years on Wednesday, continuing the longtime family company’s tumultuous ride since going public in 2013.
Frank’s said president and CEO Douglas Stephens is out of the job and is being replaced immediately by its chairman, Michael Kearney. The company only said that Stephens is pursuing other interests.
Kearney, a former CEO of the private company DeepFlex, is the first person to assume both the chairman and CEO roles since Keith Mosing, who gave up the chairman role to Kearney at the end of 2015.
Mosing, the grandson of Frank Mosing who founded the company almost 80 years ago, saw the company through its public unveiling on the New York Stock Exchange. However, Frank’s has dealt with an oil bust and its own internal challenges ever since.
Frank’s stock is down more than 30 percent since the beginning of this year and by more than 70 percent since it went public.
Keith Mosing and two of his family members remain on the eight-person board.
Kearney called it a privilege to take over the CEO role.
Board member William Berry praised the change.
“(Kearney’s) many years of senior executive experience in both financial and operational roles with public and private companies in the oil field services sector of the industry makes him particularly well qualified to assume the chief executive officer role at Frank’s,” Berry said.
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