Expro Holdings has hired Sergio Maiworm as its new CFO, replacing Quinn Fanning, who leaves after nearly six years in the role. Mr, Maiworm recently resigned from his position as CFO at Talos Energy in order to take up the position.

Expro has revenues of $1.7 billion and is primarily involved in well construction and well management. Its’ market capitalization is $1.1 billion. Talos, by contrast, has a market capitalization of $1.7 billion.

Mr. Maiworm joined Talos in 2018 as its Director of Finance and Investor Relations and was promoted to CFO in June 2023. Prior to that, he worked at Transocean and ION Geophysical.

Mr. Maiworm will receive a base salary of $500,000. He will also receive an initial inducement grant of restricted stock units valued at $2.5 million that will vest over three years.

Mr. Fanning was appointed CFO of Expro in October 2019 and kept that role when Expro went public in late 2021 following a reverse takeover of Frank’s International.  Prior to that, he was the CFO at Tidewater, another Houston-based public company.

Mr. Fanning will receive a severance of one year’s salary ($465,000), plus a pro-rata bonus for 2025. The severance will be paid over ten months and the 2025 bonus will be paid in early 2026, at the same time as other executives. His unvested stock units awarded by the company in 2023 and 2024 and one third of his 2025 award will continue to vest. At the current stock price, these will be worth about $700,000.

SEC filing – 8-K Expro appoints new CFO