Key Energy Services Inc.’s (NYSE: KEG) board of directors has approved a CEO succession plan and certain corporate governance changes. Under the succession plan, it is anticipated that Robert Drummond, Key's president and COO will assume the role of CEO no later than Dec. 31, 2016, succeeding Dick Alario, who has informed the board of his intention to retire next year.
As part of this transition, the board has split the positions of chairman of the board and CEO, and has elected director Mark Rosenberg to the position of non-executive chairman, effective immediately. Alario will continue as CEO and as a member of the board of directors.
Key’s board of directors has also established a Finance Committee, which will assist the board and provide a resource for management, in connection with the board's oversight of the company's short- and long-term financial activities.
Key Energy Services is an onshore, rig-based well servicing contractor that provides a range of well intervention services. The company has operations in all major onshore oil and gas producing regions of the continental US and internationally in Mexico, Colombia, the Middle East, and Russia.