KEY ENERGY SERVICES, INC. (OTCMKTS:KEGXQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

KEY ENERGY SERVICES, INC. (OTCMKTS:KEGXQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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Mr. J. Marshall Dodson has served Key Energy Service, Inc. (“Key” or the “Company”) in various positions since 2005. As previously reported, effective as of December 30, 2019, Mr. Dodson was appointed to serve as the Company’s Senior Vice President, Interim Chief Executive Officer, Chief Financial Officer and Treasurer of the Company.  The Company previously reported that Mr. Dodson would serve in the position of Interim Chief Executive Officer until such time as the Company completed its search process for a successor Chief Executive Officer.

On March 25, 2020, Company announced that the board of directors (the “Board”) determined to make Mr. Dodson the Company’s permanent Chief Executive Officer, and approved a change in Mr. Dodson’s employee title to President, Chief Executive Officer and Interim Chief Financial Officer, effective immediately.  Mr. Dodson is expected to serve as the Interim Chief Financial Officer only until the Company completes its search process for a new Chief Financial Officer.

Mr. Dodson, age 49, has served on the Board since March 6, 2020. Mr. Dodson joined Key as Vice President and Chief Accounting Officer on August 22, 2005 and served in that capacity until being appointed Vice President and Treasurer on June 8, 2009. From February 6, 2009, until March 26, 2009, Mr. Dodson served in the additional capacity as interim principal financial officer and was appointed Senior Vice President and Chief Financial Officer on March 25, 2013. From May 11, 2018 to August 20, 2018, Mr. Dodson served as Senior Vice President, Interim Chief Executive Officer, Chief Financial Officer & Treasurer and then from August 2018, Mr. Dodson served as Senior Vice President, Chief Financial Officer & Treasurer until he was appointed Senior Vice President, Interim Chief Executive Officer, Chief Financial Officer & Treasurer on December 30, 2019. Prior to joining Key, Mr. Dodson served in various capacities at Dynegy, Inc., an electric energy production and services company, from 2002 to August 2005, most recently serving as Managing Director and Controller, Dynegy Generation since 2003. Mr. Dodson started his career with Arthur Andersen LLP in Houston, Texas in 1993, serving most recently as a senior manager prior to joining Dynegy, Inc. Mr. Dodson received a BBA from the University of Texas at Austin in 1993. Mr. Dodson also served as a director for Enduro Resource Partners LLC, a private exploration and production company from November 2017 until July 2018.

There is no arrangement or understanding between Mr. Dodson and any other person(s) to which he was selected to be an officer of the Company, and Mr. Dodson does not have any family relationships with any of the Company’s executive officers or directors.  None of Mr. Dodson’s compensation arrangements were modified or amended in connection with his transition to the permanent Chief Executive Officer.

A copy of the press release the Company issued regarding Mr. Dodson’s appointment is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.

KEY ENERGY SERVICES INC Exhibit
EX-99.1 2 kegxd-ex991_6.htm EX-99.1 kegxd-ex991_6.htm   Exhibit 99.1   Key Energy Services,…
To view the full exhibit click here

About KEY ENERGY SERVICES, INC. (OTCMKTS:KEGXQ)

Key Energy Services, Inc. is an onshore, rig-based well servicing contractor. The Company provides a range of well services to oil companies, foreign national oil companies, and independent oil and natural gas production companies. The Company operates in five segments: U.S. Rig Services, Fluid Management Services, Coiled Tubing Services, Fishing and Rental Services, and International. Its U.S. Rig Services, Fluid Management Services, Coiled Tubing Services, Fishing and Rental Services operate geographically within the United States. The International segment includes its operations in Mexico, Colombia, Ecuador, Russia, Bahrain and Oman. The Company’s services include rig-based and coiled tubing-based well maintenance and workover services, well completion and recompletion services, fluid management services, fishing and rental services, and other ancillary oilfield services. Additionally, certain of its rigs provide specialty drilling applications.

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