Bristow downsizes in light of “challenging market conditions”
Bristow is reducing the size of its board due to “challenging market conditions”.
The helicopter operator will be downsizing its board from 11 to ten members following the departure of two directors.
Board members Bruce Stover, ex-chairman, and David C. Gompart will be departing the company in March 2018. Former Aera Energy CEO Gaurdie Banister Jr will be joining the board on the 1st October.
Stover has served eight years at Bristow and Gompart has served three.
Bristow said in a statement: “With these changes and in consideration of challenging market conditions, the board will downsize to 10 directors in March 2018, down from its current 11 members.”
Commenting on the departures, Thomas C. Knudson, Bristow Group director and chairman of the board, said: “Bruce has been an invaluable member of our board of directors. His executive experience in oil and gas, which included managing through several previous downturns, has been instrumental in advising our executives as they face similar challenges.
“Dave played a vital role in guiding Bristow to new opportunities as the company sought to diversify into more non-oil and gas and government-related business. His knowledge and guidance have been of great value to Bristow as we continue to pursue our goal of being the world’s premier industrial aviation company.”
Alongside the departures, Bristow will be reducing the annual cash fee paid to non-employee directors by 10% from next month.
The board’s new director, Banister, is the retired president and CEO of Aera Energy, an oil and gas exploration and production company.
He served on the board of directors at Aera Energy, and spent 27 years at Shell as technical vice president of upstream Asia-Pacific, vice president of upstream Americas, and executive vice president of Shell Services International Group.
Knudson said: “We are delighted that Gaurdie has agreed to join Bristow’s board. Gaurdie has a wealth of oil and gas experience and a strong leadership track record that will complement and further strengthen our board.”