New CFO, less debt for Swiss oil group

Weatherford International said it is replacing its chief financial officer as the oil field services firm prepares to emerge from bankruptcy.

Weatherford, a Swiss company that has its principal offices in Houston, said Christoph Bausch stepped down as CFO on Thursday to pursue other opportunities. He will be succeeded by Christian Garcia, who most recently has worked as CFO for Visteon Corp. an automotive cockpit electronics company in Michigan.

Stuart Fraser, the chief accounting officer, will serve as interim CFO until Garcia assumes the job on Jan 6.

The CFO shuffle comes about two months after bankruptcy court in Houston approved Weatherford’s reorganization plan that would slash the company’s debt by some $6 billion and give creditors more than 90 percent of the reorganized company, clearing the way for Weatherford to emerge from bankruptcy over the next several months. Bausch, who joined Weatherford in 2016, testified in favor of the plan during a September bankruptcy hearing.

Weatherford was once considered among the Big Four oil field services companies along with Schlumberger and the Houston companies Halliburton and Baker Hughes. The company has struggled financially for years, selling off assets in recent years as it tried to stay afloat before filing for Chapter 11 bankruptcy protection this summer.

Garcia has more than three decades of financial experience, holding leadership roles in several industries including oil field services, automotive electronics and software and consulting. Weatheford, meanwhile, has reported losses in 19 consecutive quarters, most recently an $821 million loss in the second quarter of this year.