Tidewater CFO Quintin Kneen has been promoted to the CEO role, replacing John Rynd, who is stepping down with immediate effect. The company is conducting a search for a new CFO.
Tidewater owns and operates the largest fleet of offshore Support vessels in the industry. The company moved its head office from New Orleans to west Houston last year. In November 2018, it merged with GulfMark Offshore for $386 million in an all-stock deal.
Prior to the merger, Mr Kneen was the CEO of GulfMark. After the deal, he became the CFO of the combined company. Mr Kneen’s new salary will be $500,000. That’s up from the $350,000 he was making as CFO but virtually identical to the salary he was making as CEO of GulfMark.
Mr Rynd only joined Tidewater as CEO in March 2018. He was previously the CEO of Hercules Offshore. He will receive a severance package of one year’s base salary ($600,000) and one year’s target bonus ($600,000). When he joined the company, he received an equity award valued at $2.75 million that would vest over 3 years. As a result of his separation agreement these now all vest (albeit at a lower value).
Since the deal with GulfMark closed, the stock price of Tidewater has fallen by about 40%. In May, the company came under fire from its largest shareholder, Raging Capital, an activist shareholder for being bureaucratic and having bloated overheads.