Business Context and Reporting Period
This Form 8-K Current Report was filed by Oil States International, Inc. on February 23, 2007, covering events occurring on February 16, 2007, and February 20, 2007. The filing addresses significant changes in corporate governance and executive leadership.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and regulatory disclosures rather than financial performance data.
Material Changes
- Director Resignation: L. E. Simmons resigned as a director of the Company effective immediately on February 16, 2007.
- CEO Retirement: Douglas E. Swanson announced his retirement as Chief Executive Officer, effective April 30, 2007. Mr. Swanson has served as CEO since 2000.
- CEO Succession: Cindy B. Taylor, currently President and Chief Operating Officer, will succeed Mr. Swanson as Chief Executive Officer effective May 1, 2007.
- Board Continuity: Upon retirement, Douglas E. Swanson will remain a director of Oil States International, Inc.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. The primary risk disclosed relates to the transition of executive leadership and the departure of a board member. No unusual items or contingencies were reported in this document.
Investor Verification Checklist
- Verify the effective dates of the CEO transition (April 30, 2007, and May 1, 2007).
- Confirm the continued role of Douglas E. Swanson on the Board of Directors.
- Review the attached press release (Exhibit 99.2) for additional context on the leadership transition.
- Check subsequent filings for the appointment of a new director to replace L. E. Simmons.