6-Jun-2014 Source: Bristow Group
Bristow Group Inc. (NYSE: BRS), the leading provider of helicopter services to the offshore energy industry, announced today that John Briscoe has been appointed to the position of Senior Vice President and Chief Financial Officer, effective June 9, 2014.
John has an extensive background in senior financial leadership positions, most recently as Senior Vice President and Chief Financial Officer of Weatherford International Ltd from March 2012 to September 2013. As CFO, John set the financial direction of the company and helped bolster investor confidence during a turnaround of the financial organization. He joined the company as Chief Accounting Officer in August 2011.
Prior to Weatherford, John served as a senior executive at Transocean from 2005 through 2011 in financial roles including Vice President and Controller and Director of Investor Relations. During John’s time at Transocean, he was responsible for audit, controls, financial systems, joint venture accounting and financial planning and analysis for operations in 40 countries. Among his achievements at Transocean, he led the integration of the $18 billion acquisition of GlobalSantaFe.
Before joining Transocean in 2005, John held senior financial positions with Ferrellgas Inc. and Dresser Industries. His career also includes seven years of public accounting experience with KPMG and Ernst & Young. John is a certified public accountant and holds a Bachelor’s degree in Business Administration from the University of Texas.
Jonathan Baliff, who has served as Bristow’s Senior Vice President and Chief Financial Officer since 2010 and with this appointment will now serve as President until assuming the additional role of Chief Executive Officer on July 31, 2014, said: “John has a tremendous track record of value creation and depth of experience in numerous senior financial roles, including CFO, at complex, global energy service companies. His proven executive leadership, comprehensive investor relations skills and commitment to safety and to prudent balance sheet management uniquely qualify him for this important role. John complements our senior management team as we continue to safely serve our global clients, honor our core values and grow Bristow for the benefit of all our stakeholders.”
ABOUT BRISTOW GROUP INC.
Bristow Group Inc. (NYSE: BRS) is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated and one of two helicopter service providers to the offshore energy industry with global operations. Bristow has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Mexico, Russia and Trinidad. Visit Bristow’s website at http://www.bristowgroup.com/.
Bristow then filed this document with SEC which details Mr Briscoe’s package, as follows
The terms of Mr. Briscoe’s employment are set forth in an employment term sheet dated June 4, 2014 (the “Compensation Package”), a copy of which is filed as Exhibit 10.1 to this report. Pursuant to the Compensation Package, Mr. Briscoe will serve as Senior Vice President and Chief Financial Officer of the Company and will report to Jonathan E. Baliff, President of the Company. Pursuant to the Compensation Package, Mr. Briscoe’s annual salary will be $425,000, and he will be eligible to participate in the Company’s annual incentive compensation plan with a target bonus of 75% of base salary and a maximum bonus of 187.5% of base salary. The Company will also credit an annual amount to Mr. Briscoe’s deferred compensation plan account equal to the difference between the percentage matching contribution made by the Company to Mr. Briscoe’s 401(k) plan account, and up to 15% of his annual salary and bonus. As an incoming member of senior management, Mr. Briscoe will receive under the Company’s 2007 Long Term Incentive Plan (the “LTIP”) an initial award valued at $1,275,000, with the value of such award to be evenly distributed among restricted stock units, stock options and performance cash. Mr. Briscoe’s restricted stock units and performance cash will vest three years from the date of grant of June 9, 2014 and his stock options will vest in one-third increments on the first, second and third anniversary of the date of grant of June 9, 2014. Going forward, Mr. Briscoe will be eligible for annual LTIP grants each June with a target value currently set at 300% of his base salary, subject to the Company’s annual evaluation of such percentage in respect of competitive market data. Pursuant to the Compensation Package, Mr. Briscoe will be subject to the Company’s standard severance policy for U.S. employees, which provides for payment of one year base salary.