Deep Down Inc., an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, has accepted the resignation of executive chairman and CFO, Eugene Butler, effective September 30, 2017. Current audit committee chairman, Mark Carden, has been named chairman of the board and current business manager, Charles Njuguna, has been named CFO.
Butler will continue to provide financial and SEC guidance in a consulting capacity until December 31, 2018.
Ron Smith, CEO of Deep Down Inc. stated, "No words can fully express our appreciation for Gene's contributions to Deep Down. Ever since he arrived at the Company, Gene has always strived to improve the company, always ensured we operated at the highest financial standards, and his extensive knowledge will be sorely missed. We wish him all the best in his retirement, and are extremely grateful that he will be available to continue providing guidance for our team. He's been a great partner."