Larry T. Rigdon (Image: Mensura Capital)
Tidewater Inc (NYSE: TDW) has actually chosen Larry T. Rigdon as Chairman of its Board changingDr Thomas R. Bates, Jr., that just recently surrendered from the board, as did Steven L.Newman The firm states the resignations “were not the result of any known disagreements between the resigning directors and management or the board of Tidewater.”
Tidewater keeps in mind that coincident with its merging with Gulfmark Offshore in 2018, its board was broadened from 7 to 10 participants. Since after that, the board has actually remained in a procedure of establishing its ideal dimension as well as structure. The board identified that functional performance is a crucial success variable for the firm as it attends to enduring obstacles encountering the OSV sector.
In this respect, states Tidewater, the board is devoted to lead by instance as well as will certainly “do more with less.”
The board has actually devoted to a decrease in its dimension to 7 participants at the following yearly conference of shareholders. Meantime, with both resignations, the dimension of the board has actually been lowered from 10 to 8 participants reliable promptly.
In link with these adjustments, the board has actually selected, reliable promptly,Ms Randee E. Day to be Chairwoman of the Nominating & & Governance Committee,Mr Louis A. Raspino to be Chairman of the Compensation Committee, as well as has actually verifiedMr Dick H. Fagerstal as Chairman of the Audit Committee.
The 7 supervisors that the Tidewater board plans to choose for political election at the 2020 yearly conference of shareholders are: Randee E. Day, Dick H. Fagerstal, Quintin V. Kneen, Louis A. Raspino, Larry T. Rigdon, Robert P. Tamburino as well as Kenneth H. Traub.
Larry Rigdon has actually belonged to the Tidewater Board of Directors given that August 2017. He worked as Interim Chief Executive Officer of Tidewater for the five-month duration finished March 2018 as well as had actually formerly signed up with the firm in 1992 upon the merging withZapata Gulf Marine Corporation He left the firm as Executive Vice President in 2002. He after that efficiently started as well as expanded Rigdon Marine Corporation to a proprietor of 28 overseas solution vessels, offering the firm in June 2008 to Gulf Mark Offshore, Inc., where he ended up being a board participant up until 2010.
“I am thrilled to be taking over the leadership of the Tidewater board at this important time in the company’s history,” statedRigdon “The board made an important decision recently in appointing Quintin V. Kneen as our President and Chief Executive Officer, and he has our complete support.”
“Market conditions across all of our operating areas are showing signs of recovery,” statedKneen “Although the industry remains oversupplied, the potential to create long-term value through consolidation and disciplined capital management is clearer today than it has been in the past five years. We have been aggressively restructuring our shore base operations and our management structure over the past two months to improve the efficiency and scalability of our operations. Our strong balance sheet, combined with the successful rollout in October of our enhanced information system, positions Tidewater as the only market participant with a scalable global infrastructure capable of significant consolidation in the offshore support vessel industry.”
