Offshore helicopter services company CHC announced yesterday that long-time CEO Karl Fessenden is resigning effective August 2 to accept a position outside the oil and gas industry. He will be replaced on an interim basis by Dave Balevic, CHC senior v-p for engineering and operations.
CHC’s board has initiated a search for Fessenden’s successor. “This was a difficult decision that I reached after much reflection. It has been a privilege working shoulder-to-shoulder with the best team in the business. I am proud of all we have accomplished together. I want to thank the team and the board of managers for their support,” said Fessenden. “CHC is in a strong position both financially and competitively in the marketplace, and the course to a bright future is set by continuing to execute our strategy.”
Fessenden oversaw the bankruptcy reorganization and recapitalization of CHC in May 2016 following the April 29, 2016 crash of a company Airbus Helicopters H225 that killed 13 after the main rotor separated from the aircraft in flight. The accident lead to a worldwide grounding of the fleet, a redesign of key elements of the helicopter's main gearbox, and large multi-million dollar payouts from Airbus to operators.
Subsequent to CHC’s reorganization, other offshore operators also filed bankruptcy including PHI and Bristow Group. During CHC’s reorganization it slashed its helicopter fleet from 220 to 137.
Long-time CHC CEO Karl Fessenden resigned, effective August 2, to accept a position outside the oil-and-gas industry. He will be replaced on an interim basis by Dave Balevic, CHC senior v-p for engineering and operations.
CHC’s board has initiated a search for Fessenden’s successor. “This was a difficult decision that I reached after much reflection,” said Fessenden. "It has been a privilege working shoulder-to-shoulder with the best team in the business. I am proud of all we have accomplished together. I want to thank the team and the board of managers for their support. CHC is in a strong position both financially and competitively in the marketplace, and the course to a bright future is set by continuing to execute our strategy.”
Fessenden oversaw the bankruptcy reorganization and recapitalization of CHC in May 2016 following the April 29, 2016 crash of a company Airbus Helicopters H225 that killed 13 after the main rotor separated from the aircraft in flight. The accident led to a worldwide grounding of the fleet, a redesign of key elements of the helicopter's main gearbox, and large multi-million dollar payouts from Airbus to operators.
Subsequent to CHC’s reorganization, other offshore operators also filed bankruptcy including PHI and Bristow Group. During CHC’s reorganization, it slashed its helicopter fleet from 220 to 137.