Newly merged oilfield services group replaces CFO after two months

Nextier Oilfield Solutions, formed from the merger of C&J Services and Keane Group in October 2019, has announced that CFO Jans Kees van Gaalen has left the company. He will be replaced by Kenny Pucheu, who was the VP of Finance of Keane prior to the merger.



Mr van Gaalen was the CFO of C&J, though he only joined the company in September 2018. Greg Powell, the former CFO of Keane, became Chief Integration Officer, while the CEO of the combined group is Robert Drummond, ex CEO of Keane.

According to documents filed as part of the merger, Mr van Gaalen will receive a cash severance payment of $2.7 million. His base salary was $500,000.

Mr Pucheu joined Keane in 2016. Prior to that he spent 15 years with Schlumberger. He will receive a base salary of $375,000.

The current market capitalization of the combined group is $1.3 billion. That’s below the value at the time the deal was announced in June 2019 ($1.5 billion) but above the value when the deal closed ($1 billion).

SEC Filing – Nextier CFO transition

 

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