The board of directors of Frank’s International on Friday appointed former Chevron executive Gary Luquette as president and chief executive to succeed D. Keith Mosing, a third-generation leader of the oil and gas service company Mosing’s grandfather started in 1938.
Frank’s board members approved the changes at a special shareholders meeting at the company’s international headquarters in Amsterdam. The company in early January announced the succession that was made official Friday.
Mosing, 64, will serve as executive chairman of the company’s board and will remain active in plotting strategy, the company said in a news release.
Company media liaison Josh Grodin said in an email Friday that the succession had been planned for some time.
“It has been an honor to lead Frank’s International. I am very proud of the people and successes this company has had under my leadership,” Mosing said in the release.
“I am confident in Gary Luquette’s abilities and believe he will lead the company to capture new growth opportunities and continue to be a leader in our markets,” Mosing said.
Luquette, 58, is the former head of Chevron North American Exploration and Production Co. He retired from Chevron in September 2013.
A civil engineering graduate from the University of Louisiana at Lafayette, Luquette, who has been a member of the Frank’s board since November 2013, will continue to serve on the board.
“I thank Keith Mosing for almost five decades of dedicated service to Frank’s and will look to honor the legacy of the Mosing family as we build upon the foundation of this company,” Luquette said.
The company also reported that William B. Berry was elected to serve on the board of directors. Berry retired from ConocoPhillips in early 2008 after serving as executive vice president of exploration and production.
Frank Mosing started Frank’s Casing Crew & Rental Tools, a small operation the elder Mosing ran out of his garage, according to the Frank’s website. Frank Mosing’s son, Donald Mosing, joined the company in 1950, eventually becoming CEO before retiring a few years ago.
According to its website, Frank’s has 4,000 employees in 60 countries and six continents.
Keith Mosing started Frank’s International in 1980 and ran it as a sister company to Frank’s Casing until the two were merged in 2011 under the Frank’s International umbrella. The company became publicly listed on the New York Stock Exchange in 2013.
On Friday the stock, under the symbol FI, traded in the $16.50 to $17 range.
The company is adding office space and operational facilities to its U.S. headquarters in Lafayette.