CFO Richard Bergmark to retire, Chris Hill to become CFO, Larry Bruno named President
Core Laboratories (ticker: CLB) announced management changes at the highest levels as part of its Q4 and 2017 earnings release:
Dick Bergmark to Retire at End of 2018
Richard Bergmark, Core Lab’s Executive Vice President and Chief Financial Officer, notified the company that after 30 years of service, he intends to retire at the end of 2018 which is the year he will reach 65 years of age.
Additionally, he will not seek re-nomination to the company’s Supervisory Board of Directors when his current three-year term expires at Core Lab’s annual shareholders meeting to be held on May 24, 2018.
David Demshur and Dick Bergmark were part of the management-led buyout of Core Laboratories in 1994 and the Company’s IPO in 1995 and are the longest standing CEO/CFO team in the energy space.
Since the IPO, Core Lab’s total shareholder return has outperformed every member of the OSX.
The driver for the outsized performance has been their strategic and strict adherence to the company’s three financial tenets and three growth strategies since Core Lab became a public company.
Larry Bruno Named President
Effective February 1, 2018, the role of the company’s President, currently held by Chairman, Chief Executive Officer and President, David Demshur, will be separated from Mr. Demshur’s other roles and filled by Lawrence Bruno, currently Vice President, Reservoir Description.
Demshur will remain as Core Lab’s Chairman and Chief Executive Officer.
Bruno is an innovative technologist with a Master’s degree in geology, has been in the industry for more than 30 years, and has been with Core Lab for 20 years. In addition to his duties leading the company’s global reservoir-based laboratories, for the past 10 years, Bruno has been a technical spokesperson for the company by leading technical presentations and panels for industry and shareholder conferences.
Chris Hill Named to Succeed Bergmark as Chief Financial Officer in May 2018
Effective May 24, 2018, when Mr. Bergmark’s term as a Supervisory Director of Core Lab comes to an end, Chris Hill will assume the role of Senior Vice President, Chief Financial Officer and will report to Bruno, the company’s President.
Hill has been with Core Lab for 12 years, most recently as Vice President, Chief Accounting Officer. Prior to his current position, Hill had been leading the company’s Investor Relations effort, was Corporate Group Controller based in Amsterdam, and had been Controller of Financial Reporting.
Hill is a CPA and is on schedule to receive his Executive MBA degree from Rice University in May 2018.
Gwen Schreffler to Report to Bruno Effective May 2018
Also effective May 24, 2018, when Bergmark’s term as a Supervisory Director of Core Lab comes to an end, Gwen Schreffler, the company’s Senior Vice President, Corporate Development and Investor Relations will report to Larry Bruno, the company’s President. Ms. Schreffler has been with Core Lab for 12 years, most recently for the last two years as Vice President, Corporate Development and Investor Relations.
Prior to her current position, she was Vice President, Human Resources based in Amsterdam, and before that had been Director of U.S. Human Resources. She has a BS degree in Organizational Behavior as well as an MBA.
Core Lab is an EnerCom Dallas presenting company
Core Lab is a presenting company at EnerCom Dallas, EnerCom’s Texas-based oil and gas investment conference. Registration to buyside investment professionals is open and details are on the EnerCom Dallas conference website. The conference is Wed. Feb. 21 and Thursday Feb. 22. Core Lab is scheduled to present on Feb. 22.
