Karl Fessenden steps down as CEO of CHC
CHC Group is searching for a new CEO to replace Karl Fessenden who has resigned, effective from August 2nd, to explore new opportunities outside the oil and gas sector.
The board has nominated Dave Balevic, the current senior vice president of engineering and operations, as the interim CEO.
Fessenden was appointed CEO and member of the board in February 2015, following a 15-year stint at GE where he held several roles including the president and CEO of GE’s $8 billion power generation services business. He replaced CHC’s previous CEO William Amelio.
Commenting on his resignation Fessenden said in a statement: “This was a difficult decision that I reached after much reflection. It has been a privilege working shoulder-to-shoulder with the best team in the business. I am proud of all we have accomplished together. I want to thank the team and the Board of Managers for their support.
“CHC is in a strong position both financially and competitively in the marketplace, and the course to a bright future is set by continuing to execute our strategy.”
When Fessenden joined the group, the company was navigating the oil and gas recession. With the number of new oil and gas transport contracts thin on the ground, the group filed for Chapter 11 bankruptcy protection in May 2016. CHC later emerged in March 2017 and has netted several new contracts and extensions.
John Gremp, chairman of CHC Board of Managers said: “On behalf of the Board, we thank Karl for his service and many accomplishments during his tenure as CEO. We will always be grateful for his leadership at a critical juncture in CHC’s history. We have made great strategic and operational progress under his leadership. We wish Karl and his family the very best.”
Running the show
Dave Balevic joined CHC as senior vice president of engineering and operations in May 2015. Like Fessenden, he joined the group from GE, where he held roles in its aviation, power generation and oil and gas segments.
Gremp said: “Karl has assembled a talented and highly capable leadership team, and we are fortunate to have Dave step in as interim CEO. He has the Board’s full confidence and will ensure continuity while we conduct a thorough search for a permanent replacement.”
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