Bristow Group Implements Planned Succession Of Board Of Directors
Industry veteran Gaurdie Banister Jr. to join board October 1, 2017
HOUSTON, Sept. 25, 2017 /PRNewswire/ -- Bristow Group Inc. (NYSE: BRS) today announced changes to its board of directors as it executes its long-term board succession plan to achieve an appropriate balance of experience, stability, diversity and fresh thinking of its members, while seeking to reduce the size of the board whenever possible.
In March 2018, Bruce H. Stover will step down from Bristow's board of directors following eight years of service to the company, including serving as chairman of the compensation committee for four years.
"Bruce has been an invaluable member of our board of directors," said Thomas C. Knudson, Bristow Group director and chairman of the board. "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."
Also departing Bristow's board in March 2018 is David C. Gompert, having contributed substantially to the governance and nomination and compensation committees during his three years of service.
"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," said Knudson. "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."
In conjunction with these departures, Gaurdie Banister Jr. has been appointed to Bristow's board of directors effective October 1, 2017. A veteran in the oil and gas industry, Banister retired as president and chief executive officer of Aera Energy LLC, an oil and gas exploration and production company jointly owned by Shell Oil Company and ExxonMobil, in July 2015. While at Aera Energy, Banister served on its board of directors and provided strategic leadership to position the company as the industry leader in profitability and cash flow. Prior to Aera Energy, Banister served 27 years in executive-level positions at Shell Oil Company, including technical vice president of upstream Asia-Pacific, technical vice president of upstream Americas and executive vice president of the Shell Services International Group of Companies. He currently serves on the public boards of Marathon Oil Corporation and Tyson Foods, Inc.
"We are delighted that Gaurdie has agreed to join Bristow's board," said Knudson. "Gaurdie has a wealth of oil and gas experience and a strong leadership track record that will complement and further strengthen our board."
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. The board is also reducing the annual cash fee paid to non-employee directors by ten percent effective October 1, 2017, to better align with the company's overall efforts to reduce costs and improve financial performance.
About Bristow Group Inc.
Bristow Group Inc. is the leading global industrial aviation services provider offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide. Bristow has major operations in the North Sea, Nigeria, the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the UK on behalf of the Maritime and Coastguard Agency. For more information, visit bristowgroup.com.
SOURCE Bristow Group Inc.
Released September 25, 2017