McDermott International has appointed Dale Suderman as its new Chief Accounting Officer. He replaces Chris Krummel who was promoted to the CFO position earlier this month.
Mr Suderman joined McDermott in July 2016 as its Senior Director of Financial Planning and Analysis. Prior to joining the company, he was at Direct Energy from 2009 onwards. Unusually Mr Suderman has worked for PricewaterhouseCoopers, Arthur Andersen and Ernst & Young.
Mr Suderman will receive a base salary of $285,000. He will also receive a retention bonus equal to 75% of his annual salary. This is on the same terms as the other retention bonuses granted in October 2019 (a third now, a third when the Tranche B is funded – likely Dec 2019, and the rest when Tranche C is funded – likely early Q1 2020).
[UPDATE 12-2-19 Tranche B has now been funded]
McDermott keeps making headlines for all the wrong reasons. In early November there were reports that construction on its new headquarter building stopped after the company fell behind $14.2 million on payments to its general contractor.
Last week the company defended its participation in a huge petrochemical project in Russia. It stated it was in full compliance with the law and did not breach international sanctions against Moscow. Shell pulled out of the same project in April. According to Reuters, one factor behind Shell’s decision was that Gazprom had suddenly brought in another partner with links to businessman Arkady Rotenberg who is on a U.S. sanctions blacklist.
McDermott’s share price is currently $0.80 cents (market cap $145 million).