The Board of Directors of RigNet (NASDAQ:RNET) announces executive changes to position RigNet for continued growth in the oil and gas sector and to accelerate the strategic expansion into adjacent remote communications markets. The changes are effective immediately.
The board has named Marty Jimmerson, RigNet's former senior vice president and chief financial officer, as interim president and chief executive officer (CEO), succeeding Mark Slaughter until a permanent replacement is identified. RigNet will initiate a search for a permanent president and CEO in the coming weeks.
Further, Kevin O'Hara has been elected vice chairman of the RigNet board of directors. Board Chairman Jim Browning will replace O'Hara as chair of its Corporate Governance and Nominating committee. O'Hara will no longer serve on the board's Compensation committee.
"RigNet has long benefited from Marty's financial guidance and corporate oversight," said O'Hara. "I look forward to working closely with him to continue the Company's upward trajectory."
"RigNet will greatly benefit from Kevin's relevant public company experience during this transition phase," said Browning. "Kevin has a deep understanding of RigNet and the broader telecommunication services industry and will actively collaborate with the executive team to support the Company in its next phase of development."
"Over the past nine years, Mark Slaughter has been instrumental in building RigNet into an industry leader for remote communications to the oil and gas industry. He successfully led the Company through a 2010 initial public offering, and later oversaw the acquisitions of Nessco and Inmarsat's energy broadband business unit," Browning continued. "His contributions to RigNet during his tenure have been significant, and we wish him well."
"I have tremendously enjoyed my nine years at the helm of RigNet, leading a great group of employees around the globe," said Mark Slaughter. "I wish RigNet and its employees every continued success."
Jimmerson has held accounting, finance and operations management positions with a focus on internal financial operations analysis and management, capital funding and strategic planning. Having completed an executive education course in the Strategic Financial Leadership Program at Stanford University's Graduate School of Business, he holds a B.A. in Accounting from Baylor University.
Prior to his work with Level 3 Communications, O'Hara served as president and CEO of MFS Global Network Services, Inc., and as senior vice president of MFS and president of MFS Development, Inc. O'Hara received a Master of Business Administration from the University of Chicago and a Bachelor of Science in Electrical Engineering from Drexel University.