Weatherford CEO Bernard Duroc-Danner Steps Down

(RTTNews) - Weatherford International plc (WFT) announced the departure of Bernard Duroc-Danner, Chairman of the Board, President and Chief Executive Officer effective immediately.

Robert Rayne, current Vice Chairman of the Board, will serve as Chairman of the Board. Krishna Shivram will lead the Company as interim Chief Executive Officer, and will continue as Chief Financial Officer (CFO) until a new CFO is named in the coming days.

Krishna Shivram was appointed Executive Vice President and Chief Financial Officer of the Company in November 2013. Mr. Shivram has over 25 years of financial and operational management experience in the oilfield service industry and previously worked for Schlumberger Ltd. in a variety of roles across the globe.

WFT closed Wednesday's regular trading at $5.06, up $1.26 or 33.16 percent. But, in the after-hours, the stock dropped $0.25 or 4.94 percent.