Lyle Wiliams has been appointed CFO of Forum Energy Technologies, replacing Pablo Mercado, who has resigned.
[UPDATE 7-13-20 Mercado has been appointed the new CFO at Dallas-based Enlink Midstream].
Forum is based in NW Houston. It manufactures equipment servicing drilling and downhole, completions and production. The company currently has a market cap of $59 million and a share price of 51 cents.
At the end of March the company had $389 million of unsecured notes due in October 2021 and a $55 million credit facility due in July 2021. The company has since bought back $70 million of these notes for 38.5 cents on the dollar.
Mr Williams joined the company in 2007 from Cameron International (now part of Schlumberger) and has held various operational and financial roles. Most recently he was the Senior VP of Operations. No new compensation has been finalized.
Mr Mercado had been the CFO since February 2018. He joined the company in 2011 and was previously at Credit Suisse.
The company press release and the SEC filing didn’t spell out the financial terms of his departure. However, assuming that Mr Mercado will receive a severance, he is in line to receive a cash payment of $1.4 million dollars (2 times base salary of $410,000 plus 2 times target bonus of $307,500). [Update – it is clear now that Mr Mercado resigned to take the position at Enlink, so there will be no severance]
Mr Mercado’s predecessor, Jim Harris, recently stepped down as the CFO of Pacific Drilling.