Nov 8 (Reuters) - U.S. oilfield services company FTS International (FTSI) has replaced Marc Rowland as chief executive after 18 months, bringing in Greg Lanham, an executive at top shareholder Temasek, in a change that is effective immediately.
Rowland, who previously had been chief financial officer of 30 percent FTSI shareholder Chesapeake Energy Corp, was elevated to CEO of FTSI from the CFO position in May 2011.
“We wish him the best as he moves on to a new chapter in his life,” said Goh Yong Siang, FTSI chairman and head of strategic relations for Singapore sovereign wealth fund Temasek, FTSI’s largest shareholder, with a 40 percent stake.
The company did not say what Rowland would be doing next.
Lanham, before joining Temasek, spent 20 years with U.S. oil and gas company Anadarko Petroleum Corp, including stints as president and general manager of Asian operations. For the past four years, he has been in Singapore running Temasek’s investment initiatives in Australia and New Zealand.
FTSI, formerly known as Frac Tech, had to abandon plans for an initial public offering of shares earlier this year because of the uncertain market.
The U.S. oilfield sector has been weighed down by an influx of new pressure pumping equipment, which is used in hydraulic fracturing. Fort Worth, Texas-based FTSI ranks fourth in North America in terms of pressure pumping capacity, after Halliburton Co, Schlumberger and Baker Hughes Inc.