In a reverse of the usual “CFO change after earnings dissapointment” scenario, Halliburton Co., the Dallas, Tex.-based oilfield service headed by Vice President Richard Cheney until last year, has named a new CFO just ahead of what analysts are counting as a strong earnings report.
Douglas L. Foshee, who will join Halliburton as executive vice president and CFO on Aug. 6, has an energy industry resume going back more than 10 years. From 1997 through 2001, he was chairman, president and CEO of Nuevo Energy Co. Prior to that, he did four years with Torch Energy Advisers and also worked at ARCO International Oil and Gas Co.
The announcement of Foshee’s appointment yesterday was followed by an earnings announcement issued after the market’s close. The company said that second quarter earnings from continuing operations rose to $143 million, or 33 cents a share, up from $52 million, or 12 cents a share, a year earlier.
This beat analysts’ estimates, which had reportedly ranged from 28 cents to 32 cents a share.
Foshee replaces Gary Morris, who will remain as executive vice president and also take on “additional executive management roles,” according to the company announcement.”
The CFO of Next Level Communications, a broadband provider, has packed it in in the immediate wake of a disappointing earnings report. James M. Wandrey, CFO at the Rohnert Park, Calif-baed company, will be replaced on an “acting” basis by James Idle, the firm’s vice president and controller. The company announced yesterday that its quarterly net loss, excluding charges, had widened to $18.3 million, from $14.6 million one year ago.