Pride International (PDE) has a new CEO

Yesterday, offshore drilling contractor Pride International (ticker: PDE) announced the resignation of CEO Paul Bragg.  He will be replaced by CFO Louis Raspino.  PDE went through a tough patch in 2003 with poor execution leaving the company with a sullied reputation and a weak balance sheet.  The hiring of Raspino in December of 2003 was looked at as a positive move due to his track record as a very good CFO.   

Raspino has done some very good things, lowering debt by  >$500 million and the debt/capital ratio from 53% to under 40%.   A stronger pricing environment probably contributed a great deal to the improvement but, Raspino is delivering. 

You can go to the website to find out more about the new CEO as they are holding a webcast at 10:00 am.