October 4, 2022

Principal Accounting Officers

WFT Principal Accounting Officer Leaving Company After $500 Million WTF

Sorry that we’re a little tardy on this news but you just knew someone was going down for this.

Apparently the mortification suffered by Weatherford International CFO Andrew Becnel was enough for him to keep his job. Principal Accounting Officer Charles Geer, on the other hand, wasn’t so lucky:

The Geneva-based company also disclosed the departure of Principal Accounting Officer Charles E. Geer, whose resignation comes two weeks after Weatherford disclosed tax-accounting errors that forced it to revise previous results by $500 million.

Weatherford said in a securities filings that Mr. Geer, whose resignation is effective Friday, is leaving to “pursue another career opportunity.”

It’s awfully nice of the company to keep things so professional after the material weaknesses under Geer’s watch will result in restatements for three years of filings.

Weatherford Cuts Earnings View; Top Accountant Exits [WSJ]