SAExploration Holdings has appointed John Simmons as its new CFO. He has joined the company immediately. However, he will only start serving as the CFO after the company files its Quarterly report for the first quarter.
SAE is a seismic services company that has its head office in west Houston.
Mr Simmons will replace interim CFO, Kevin Hubbard, a partner at Ham, Langston & Brezina. Mr Hubbard was appointed after the former CFO, Brent Whiteley, was fired in August 2019.
In its restated 2018 annual report filed in early February, the company alleged that the former CFO and former CEO misappropriated $16.6 million between 2012 and 2019.
Investigations by the Securities and Exchange Commission and the Department of Justice are still ongoing.
Mr Simmons was previously the CFO at Dauphine Energy, a private oil and gas company, from March 2019 to March 2020. Prior to that, he spent 17 years at BHP Petroleum. Mr Simmons will receive a base salary of $308,600.
The company has a market capitalization of $8 million and net debt of $121 million. It recently announced it had hired Imperial Capital to advise the company as it evaluates strategic alternatives to address its capital structure.