Weatherford Eliminates COO Position

Thursday, January 29, 2015

Weatherford International Plc is eliminating the position of COO as a way to cut costs in the face of tumbling oil prices.  The company said COO Dharmesh Mehta would move to the role of executive vice president for corporate strategy.

In a regulatory filing the company said the COO position will not be filled as the company adopts a flatter management structure.

Weatherford shares closed at $11.21 on the NYSE on January 27, a big drop compared to trading in mid-2014 when the company’s shares traded at over $22.00.

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