IDE Announces CEO Cope Resigns; Named Vice Chairman of the Board
April 15 2014 - 4:30PM
Business Wire
Integrated Drilling Equipment Holdings Corp. (“IDE”) (OTC:IRIG)
announced today that Stephen M. Cope, 62, has resigned as chief
executive officer. Mr. Cope will remain as a member of the board of
directors and become vice chairman of the board. The Board has
initiated a search for a new CEO which it anticipates will be
completed in the near future.
James N. Mills, chairman, said, “Steve founded IDE in 1981 and
under his leadership the company has grown to become an established
drilling rig manufacturer. The board joins me in recognizing his
many accomplishments and thanking Steve for his ongoing
contributions to IDE’s growth in his new role as vice chairman.”
Mills added, “We have commenced a search for a new chief executive
officer to drive the company’s next phase of growth, building a
diversified oilfield services manufacturing company with global
reach. In the meantime, Richard Dodson, president and chief
operating officer and Michael Dion, Chief Financial Officer will
remain in their current roles to provide continuity.”
Regarding his departure, Mr. Cope said, “I have been discussing
this with the Board for some time and, after 30 years as the CEO
and now that IDE is a publicly traded company, the timing is right
to turn over the day-to-day leadership to a new CEO.” He added,
“The Company is well poised for continued growth as our current
product offering of drilling rigs combined with our automated
controls and electronic variable drive systems are proving to be
ideally suited for today’s demanding horizontal drilling
operations. I will continue to focus on additional sales
opportunities in both land and shallow offshore platform drilling
rigs as well as be an active member of the Board.”
About IDE
IDE and its predecessor companies have been active in providing
services and products to the drilling industry since 1981. IDE’s
principal service and product offerings consist of the construction
of new land rigs based on IDE designs or customized to customers’
specifications; providing extensive reconfiguration and
refurbishment services for land rigs to repair and extend their
life or to adapt them for different drilling environments;
providing offshore rig upgrade packages, refurbishment services,
and related components for offshore new build rigs; supplying
integrated electrical systems and control systems for wide range of
land and offshore drilling rigs; and providing engineered hydraulic
rig solutions. For more information on IDE, please visit:
http://www.ide-rig.com
IDEMike Dion, 281-465-9393mdion@ide-rig.com
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