Weatherford International PLC (NYSE:WFT) stated that in line with firm-wide drive for innovation, the company is always working to seek new ways to share their Annual Report with valued shareholders. This year, it decided to showcase their Annual Report as an interactive letter from CEO and their President, Mark A. McCollum.
In 2017, Weatherford established the stage for the future of their firm. When he accepted this role last March, he noted the remarkable opportunity available to company, and also the effort and time it would take to attain its full potential. He is delighted to state that the firm has embraced this lead for change and come together to build a stronger firm.
Looking back on 2017, one of the first measures they took to support the foundation of their firm was engaging in a comprehensive and thorough evaluation of the way they operate. They took a hard look at their entire firm and concluded that while company has several strengths, there was ample room for improvement in consistency and efficiency.
The CEO of Weatherford addressed these segments for improvement head-on with a firm realignment. Their new structure explains responsibility, arranges process discipline, and sets a strong connection between their field-level decision makers and operational leadership. By creating alliance to a common set of objectives and goals, they established accountability into the fabric of their firm. Their new organizational structure marks as a cornerstone in their plan to enhance market share, drive out cost, offer improved earnings, record positive cash flow, and warrant Weatherford’s success in a fluctuating market.
McCollum is building on the momentum established by their realignment by commencing a strategic transformation plan intended to yield at minimum $1 billion in earnings within 18 – 24 months. The simplified organizational structure will guarantee the transformation is secured on process discipline, flawless execution, innovation and accountability.