C&J Energy Services (“C&J”) (NYSE: CJ) and Keane Group, Inc. (“Keane”) (NYSE: FRAC) today announced the future executive leadership team of the combined company effective upon completing their pending merger of equals.
“This announcement is another important step forward in merging our highly complementary businesses to create one of the largest U.S. well completion services companies,” said Robert Drummond, the designated Chief Executive Officer of the combined company. “This executive leadership team reflects the strengths of both Keane and C&J and possesses the qualities, skills and experience that will help drive our successful future together. As individuals, each executive has exemplary industry expertise, and collectively, they will form the most capable team in oilfield services as we join our resources, talents and strengths to deliver the highest level of customer service and generate leading long-term value for shareholders.”
The previously announced leadership appointments are:
- Patrick Murray, Chair of the Board of Directors;
- Robert Drummond, President, Chief Executive Officer and Director;
- Jan Kees van Gaalen, Executive Vice President and Chief Financial Officer; and
- Gregory Powell, Executive Vice President and Chief Integration Officer.
Following are the operational leaders, reporting to Mr. Drummond:
- Billy Driver, Senior Vice President, Product Lines: management of the Hydraulic Fracturing, Integrated Wireline, Wireline & Pumpdown, Cementing and Coiled Tubing product lines.
- Ian Henkes, Senior Vice President, Operations: management of regional field operations for the Hydraulic Fracturing, Integrated Wireline, Wireline & Pumpdown, Cementing and Coiled Tubing product lines.
- Jack Renshaw, Senior Vice President, Well Services: management of the Well Services product lines.
In addition to Mr. van Gaalen and Mr. Powell, following are the corporate and functional leaders, reporting to Mr. Drummond:
- Ed Keppler, Senior Vice President, Operations & Shared Services: management of Maintenance, Quality and HSE (Health, Safety & Environment) and Supply Chain.
- Ted Lafferty, Senior Vice President and Chief Technology Officer: management of technology solutions, manufacturing and business initiatives (digital, surface and downhole technologies).
- Kevin McDonald, Executive Vice President, Chief Administrative Officer and General Counsel: management of corporate governance, legal matters, compliance, human resources, risk management, corporate communications, and serve as corporate secretary.
- Richard Vaclavik, Senior Vice President and Chief Commercial Officer: management of sales, marketing and customer engagement.
Mr. Driver, Mr. Keppler and Mr. Renshaw are currently executives of C&J; Mr. McDonald, Mr. Henkes, Mr. Lafferty and Mr. Vaclavik are currently executives of Keane.
As previously announced on June 17, 2019, Keane and C&J have entered into a definitive agreement to combine the companies in an all-stock merger of equals. The merger of equals will create a leading well completion and production services company in the U.S., with increased scale and density across services and geographies with a prominent presence in the most active U.S. basins. Both C&J and Keane share a commitment to safety and integrity, employee development, partnerships with top-tier customers, technological innovation, and strong community relationships, all of which will be reflected in the operations of the combined company.
The merger of equals remains on target to close in the fourth quarter of 2019, following C&J and Keane shareholder approval and receipt of other customary closing conditions.
