Bristow Group Inc. (NYSE: BRS) has announced changes to its board of directors as it executes its long-term board succession plan to achieve an appropriate balance of experience, stability, diversity and fresh thinking of its members, while seeking to reduce the size of the board whenever possible.
In March 2018, Bruce H. Stover will step down from Bristow´s board of directors following eight years of service to the company, including serving as chairman of the compensation committee for four years.
Also departing Bristow´s board in March 2018 is David C. Gompert, having contributed substantially to the governance and nomination and compensation committees during his three years of service.
In conjunction with these departures, Gaurdie Banister Jr. has been appointed to Bristow´s board of directors effective October 1, 2017. A veteran in the oil and gas industry, Banister retired as president and chief executive officer of Aera Energy LLC, an oil and gas exploration and production company jointly owned by Shell Oil company and ExxonMobil, in July 2015.
With these changes and in consideration of challenging market conditions, the board will downsize to 10 directors in March 2018, down from its current 11 members. The board is also reducing the annual cash fee paid to non-employee directors by ten percent effective October 1, 2017, to better align with the company´s overall efforts to reduce costs and improve financial performance.
Bristow Group Inc. is the global industrial aviation services provider offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide. Bristow has major operations in the North Sea, Nigeria, the US Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the UK on behalf of the Maritime and Coastguard Agency. For more information, visit bristowgroup.com.