LAFAYETTE — Frank’s International board Chairman Keith Mosing plans to relinquish the titles of president and chief executive officer of the Lafayette-based oilfield services company his grandfather started in 1938 and hand those roles to Gary Luquette, a former Chevron executive and current Frank’s board member.
The changing of the guard will be voted on by the Frank’s board of directors at a special Jan. 23 shareholders’ meeting in Amsterdam, according to a company filing with the Securities and Exchange Commission this month.
At the meeting, the board also will vote on William Berry, a former vice president at ConocoPhillips, taking Luquette’s place on the six-member Frank’s board of directors.
Mosing, 64, will hold the title of executive chairman of the board and will “remain actively involved on a day-to-day basis with the company,” according to a December news release sent to financial news wires.
The news release, sent out Dec. 22, did not state a reason for the change. It also does not contain a statement from Mosing.
Josh Grodin, Frank’s Houston-based director of communications and public relations, said the move is part of the company’s succession plan.
“He’s (Mosing) definitely not stepping down,” Grodin said. “… I like to refer to it as stepping up.”
Luquette, 58, is the former head of Chevron North America Exploration and Production Company. Luquette is a civil engineering graduate from the University of Louisiana at Lafayette and has been a Frank’s board member since November 2013.
Mosing is a third-generation CEO and president of the family business that was started 76 years ago by Frank Mosing, who named it Frank’s Casing Crew & Rental Tools. The company has never had anyone at the helm except Mosings: Frank Mosing, Donald Mosing and Keith Mosing, who is Donald’s son.
Other Mosings work at the company; Keith Mosing’s cousins Kirkland Mosing and Steven Mosing are directors.
Keith Mosing’s base salary is $850,000 annually, up $100,000 a year from 2013, according to SEC documents.
The company’s stock became available for public purchase in August 2013. On its opening day listed on the New York Stock Exchange, Frank’s International, with the stock symbol FI, sold for about $26 a share. On Oct. 22, 2013, the stock hit $32.22 but has since fallen.
On Monday, Frank’s traded at $16.72 per share, reflecting a downward trend experienced by other publicly traded oilfield service companies and oil and gas producers that have been battered by declining oil prices.
The company’s market capitalization on Monday was $2.52 billion.
According to SEC filings, the Mosing family controls about 80 percent of the voting stock of Frank’s, which employs over 4,000 people in 60 countries.