- Key Energy Services (KEG -5%) says it will appoint President and COO Robert Drummond as its new CEO effective March 1, replacing Dick Alario.
- Drummond joined KEG just last June after serving as Schlumberger's president of North American operations.
- The announcement was part of KEG's Q4 earnings release, which Simmons analysts characterized as a “messy quarter” but also a sign that the company is beginning to show positive impacts from aggressive cost cuts.