Halliburton promotes head of IR to CFO role
Oil giant Halliburton has promoted Lance Loeffler from vice president of IR to the position of chief financial officer.
Loeffler replaces Chris Weber, who is leaving the company ‘to pursue other opportunities,’ according to a statement by Halliburton. Weber will receive $1.4 mn in severance after 17 months in the role.
Halliburton confirmed to IR Magazine that no replacement for Loeffler has yet been decided for the IR department.
In his new capacity as CFO, Loeffler now leads ‘the company’s financial functions, including financial planning and analysis, accounting and financial reporting, tax, internal assurance, treasury, corporate development and investor relations,’ according to the Halliburton statement announcing the move.
Loeffler has been with Houston-headquartered Halliburton since 2014, first serving as vice president of corporate development before moving to head up the IR team. Prior to joining Halliburton, the BMA graduate from the McCombs School of Business at the University of Texas at Austin held director positions at Deutsche Bank Securities and UBS Investment Bank ‘where he focused on the firms’ oil and gas clients’.
‘We believe Lance’s financial expertise, along with his knowledge of Halliburton and experience with the investment community, makes him best suited to lead our financial strategy and outstanding finance organization,’ comments Jeff Miller, Halliburton president and CEO, in the statement. ‘Lance understands our returns-focused strategy, has a strong relationship with our executive management team and will have an immediate impact as he transitions into his new role.’
Miller also thanks Weber, who joined Halliburton – one of the world’s largest oil field service companies with operations in more than 70 countries – just last year. According to a filing with the SEC, Weber receives a severance package of $1.4 mn, requiring him to sign a non-compete agreement and refrain from recruiting Halliburton employees for two years.
While no details were given about Weber’s departure, Halliburton issued a number of profit warnings this year and shareholders rejected its executive compensation plan in a non-binding vote for the first time.