Integra Group (LSE:INTE) announces that, following the successful reorganization of its diversified oilfield services business, Mr. Antonio Campo will step down and be replaced as Chief Executive Officer by Mr. Felix Lubashevsky.
During nearly three years of service as CEO Mr. Campo led the restructuring of Integra's business units, introduced new capability and experience to the executive management team, and improved processes and systems. He will pursue other interests outside of Integra while remaining a non-executive Director on Integra's Board in order to support the delivery of ongoing strategic initiatives.
Mr. Campo leaves the position of CEO having accomplished the key objectives established by Integra's Board at the time of his hiring. In particular, the separation of Integra's seismic business from its ongoing oilfield services has brought enhanced focus and opportunities for increased operational efficiency.
Mr. Lubashevsky will take over the leadership of Integra's executive management team, effective immediately. He will combine the organizational capability built by Mr. Campo with a renewed focus on developing customer relationships, top-line revenue growth, margin expansion and aggressive management of working capital.
Mr. Robert Whalley, who joined Integra in mid-2011 from Schlumberger, will be promoted to Chief Operating Officer and will continue to focus on day-to-day operational excellence within Integra's Drilling/Workover/IPM and Technology Services divisions. Mr. Whalley brings over 30 years of operational leadership experience, of which the last 7 have been in Russia.
Changes announced today at Integra will not affect the management of IGSS, Integra’s seismic services joint venture.
Commenting on changes to the executive team, John Fitzgibbons, Chairman of the Board of Directors of Integra Group, said:
“We are grateful to Antonio Campo for the irreplaceable experience that he has brought to Integra since 2009. He now leaves a strong operational management team and a streamlined asset portfolio that is well-positioned to expand in the Russian market. To lead Integra through its next chapter of growth, we need strong and visible Russian leadership and are extremely fortunate to be able to turn once again to Felix Lubashevsky, who requires no transition. Combined with Rob Whalley and the rest of Integra's executive management team, we are confident that we have exactly the right combination of skills and experience for this next stage of Integra's development. The Integra Board has worked in close agreement with Antonio and Felix to manage this change, and unanimously supports our new executive team. We look forward to seeing the future operating and financial results produced by this exciting executive combination."
At the first available opportunity, Integra's new management team will communicate directly with shareholders to provide an update on performance through 2012 and beyond.
