Valaris plc today announced that, in connection with the Board’s ongoing refreshment program, Frederick Arnold has been appointed to the Valaris Board of Directors, effective immediately.
Mr. Arnold has 40 years of experience, including serving in several senior financial leadership positions at global organizations. Mr. Arnold spent over 20 years as an investment banker advising clients on matters of corporate finance, including capital markets transactions, capital structure optimization and mergers and acquisitions across various markets and geographies. He also served in various financial leadership positions at Capmark Financial, Masonite International and Willis Group Holdings, and was most recently Chief Financial Officer of Convergex Group, LLC, where he was responsible for capital allocation and financial operations.
William E. Albrecht, Independent Lead Director of the Board, said, “Fred brings to Valaris an extraordinary breadth and depth of experience in equity and debt capital markets, operations and governance from his 40-year career in international investment banking and other finance roles, including serving as Chief Financial Officer for multiple companies. He has a long track record of navigating complex industry dynamics and driving financial performance, and we believe that Valaris will benefit significantly from Fred’s substantial experience as we continue our efforts to enhance value for all of our shareholders.”
Carl G. Trowell, Executive Chairman of the Board of Directors, said, “The appointment of Fred represents the next step in our Board refreshment process. With the governance enhancements underway, which were driven by input received from engagement with shareholders, we believe the Board has the right skillset and mix of diverse backgrounds to effectively oversee our long-term strategy and navigate the challenging industry environment. I look forward to working with Fred and the rest of the Board and management team as we continue our efforts to solidify Valaris’ position as the leading offshore driller.”
As a new independent director, Mr. Arnold will serve on the Finance Committee, which was formed to assist in the Board’s oversight of the Company's capital structure and financial strategies with the goal of driving long-term value for our shareholders. Mr. Arnold joins Georges Lambert, Paul Rowsey and Charles Szews, who is the committee Chairman.
As part of the Board’s ongoing refreshment plan, on November 12, 2019, Georges Lambert was appointed as a new independent director and Christopher Gaut and Roderick Clark retired from the Board. In addition, a third director will not stand for re-election at the 2020 Annual General Meeting of Shareholders. Following the Annual General Meeting, the Valaris Board will be reduced to 10 directors. Further, upon the conclusion of Mr. Trowell's term as Executive Chairman, which expires in October of 2020, the Board will appoint an independent Chairman.