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.
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