Dril-Quip has appointed Kyle McClure as its new CFO. He replaces Raj Kumar, who resigned last month to become the CFO at Kirby Corp.
Dril-Quip is a manufacturer of highly engineering drilling and production equipment. It has a market capitalization of $660 million (which includes $375 million of cash).
Mr. McClure joins from Airswift, a private global workforce solutions company, where he had been CFO since June 2019. Prior to that, he was CFO at Frank’s International (recently taken over by Expro) from March 2017 until June 2019.
At Frank’s, Mr. McClure replaced Jeff Bird who resigned in early 2017 to take the CFO position at Dril-Quip. Mr. Bird was recently appointed the CEO at Dril-Quip. Mr. Kumar also worked at Frank’s for Mr. Bird before joining Dril-Quip.
Mr. Bird and Mr. McClure also worked together for about a year at Houston-based Ascend Performance Materials where Mr. Bird was CFO and Mr. McClure was Treasurer.
Mr. McClure will receive a base salary of $400,000 and a cash sign-on bonus of $200,000. He also receives $1 million of equity awards that will vest over three years and $700,000 that will vest in 2024, subject to performance by the company.