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CFO Quits after Tardy Filing

Board member exits too, causing a fall from compliance with AMEX audit-committee requirements.
Stephen TaubAugust 22, 2008

Pioneer Drilling CFO Joyce Schuldt has resigned as chief financial officer, 13 months after joining the company. The announcement came just weeks after Pioneer filed its delayed March 31, 2008, quarterly report with the Securities and Exchange Commission. It was unclear, though, whether the late filing was related to Schuldt’s resignation.

Earlier Pioneer had reported that a special board subcommittee formed to investigate the company’s internal controls over financial reporting had found no evidence of a material weakness or a need to restate prior results.

William Hibbetts has been appointed interim CFO. He previously served as Pioneer’s finance chief from December 2003 until July 2007, when he was reassigned as senior vice president and controller for the company’s drilling services division.

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In 2006 Schuldt was terminated from her job as CFO of Maverick Tube Corp. as it prepared for a move from St. Louis to Houston.

Also resigning from Pioneer was board member C. Robert Bunch. The company conceded that with Bunch’s departure, it is no longer in compliance with an American Stock Exchange requirement that the audit committee consist of at least three members, each of whom is independent.

Bunch joined the board in May 2004. He had been chairman until May 2, 2008, when Dean Burkhardt replaced him in that role.

Pioneer noted that when it filed its second-quarter report earlier this month, it met the extended filing deadline established by AMEX for continued listing of its common stock.