According to a corporate release, Paragon Offshore’s board of directors appointed, effective immediately, Dean E. Taylor (a director of the Company since its founding in 2014) to serve as interim president and chief executive officer. Additionally, the board named Lee M. Ahlstrom (currently the Company’s S.V.P. of investor relations, strategy and planning) as interim chief financial officer.
Taylor has also served as the chairperson of Paragon Offshore’s nominating and corporate governance committee since its founding in 2014. He previously served in a variety of roles at Tidewater from 1978 through 2012, including C.E.O. and chairman and serves on the board of the American Bureau of Shipping and previously on the boards of Trican Well Service and Whitney Holding. Ahlstrom has more than 20 years of experience in the oil and gas industry. Prior to his role at Paragon Offshore, he served as S.V.P. – strategic development and V.P. of investor relations and planning of Noble.
Prior to joining Noble, Ahlstrom held various management positions at UNOCAL and was an engagement manager with McKinsey & Company. Ahlstrom began his career with Exxon, where he held a variety of surface and subsurface engineering positions. Ahlstrom serves on the board of directors for the National Investor Relations Institute (NIRI) and holds NIRI’s Investor Relations Charter credential.
J. Robinson West, chairman of the board, states, “We are fortunate to have a deep bench of talent, and thank Mr. Taylor and Mr. Ahlstrom for taking on these important responsibilities. The Board will work closely with them and our advisors in bringing the company’s ongoing restructuring efforts to a successful conclusion.” Taylor and Ahlstrom succeed Randall D. Stilley and Steven A. Manz, who are no longer with the Company. In addition, Stilley is no longer a member of the Paragon Offshore board.
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