Deep Down chairman and CFO resigns

  • Business & Finance

Deep Down, a U.S.-based oilfield services company, has accepted the resignation of executive chairman and chief financial officer (CFO) Eugene Butler, effective September 30, 2017.

Deep Down said on Wednesday that, following Butler’s resignation, the company named current Audit Committee chairman Mark Carden as the chairman of the board.

The company added that the current business manager Charles Njuguna was appointed as the new chief financial officer.

Butler will keep providing financial and SEC guidance to the company in a consulting capacity until December 31, 2018.

Ron Smith, chief executive officer of Deep Down, said: “No words can fully express our appreciation for Gene’s contributions to Deep Down. Ever since he arrived at the company, Gene has always strived to improve the company, always ensured we operated at the highest financial standards, and his extensive knowledge will be sorely missed.

“We wish him all the best in his retirement and are extremely grateful that he will be available to continue providing guidance for our team. He’s been a great partner.”

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