Mitcham Industries Announces Key Corporate Governance Steps

HUNTSVILLE, Texas, Sept. 14, 2015 /PRNewswire/ — Mitcham Industries, Inc. (NASDAQ: MIND) announced today that its Board of Directors has approved an amendment to the employment agreement with its President and Chief Executive Officer, Mr. Billy F. Mitcham, Jr.  The agreement extends his employment with the Company through September 2018, ensuring a seamless leadership transition. Under the terms of the amended agreement, Mr. Mitcham will remain in the position of Chief Executive Officer, then transition to CEO Emeritus and Founder at a date to be determined. In addition, Messrs. Robert Capps and Guy Malden have been promoted from Interim co-Chief Operating Officers to co-Chief Operating Officers, effective immediately.

The Company also announced that Messrs. Thomas S. Glanville and Marcus C. Rowland have been appointed to its Board of Directors effective September 9, 2015. Mr. John F. Schwalbe has informed the Company of his intention to retire and resign from the Board effective September 15, 2015.

Peter H. Blum, Chairman of Mitcham Industries, commented, “Today’s announcements represent the start of our implementation of a succession plan that ensures a smooth executive transition in the coming years and builds on Bill’s strong strategic vision and creative leadership. On behalf of the Board, I would like to thank Bill for his superb stewardship of Mitcham Industries over the past several decades and we look forward to his continued guidance. I also want to commend Rob and Guy on their management of the Company, especially on their implementation of a company-wide cost reduction program and on new important international marketing initiatives, while Bill has been on medical leave.

“On behalf of the Board and our stockholders, I want to thank John for his many years of service and for his contributions to the success of our Company. We wish him all the best in his retirement. We are delighted to strengthen our Board with the addition of two new highly qualified directors, Tom and Marc, who add valuable experience and a fresh perspective. Their knowledge of the energy industry, executive leadership and financial acumen will be beneficial to our board and management while we navigate through a downturn in the seismic industry. We look forward to working closely with them as we guide Mitcham Industries forward.” 

Since 2003, Mr. Glanville, age 57, has been managing partner of Eschelon Advisors, LP, Eschelon Energy Partners, LP, and affiliates, providing energy and private equity investment and advisory services. From 1999-2002, Mr. Glanville served as vice president of technology and new ventures for Reliant Energy, Inc., one of the world’s largest international energy services companies, and its affiliate, Reliant Resources, Inc. He currently serves on the board of directors of the privately-held oil and gas exploration and production company Strand Energy, L.L.C and as Chair of the Audit Committee of Itron, Inc, a publicly traded electric, gas, and water meter manufacturing, metering technology and systems company. He also serves as chairman of the Texas Tri-Cities branch (Houston, Austin, San Antonio) of the National Association of Corporate Directors (NACD). Mr. Glanville graduated with an M.S. in Mineral Economics from the Colorado School of Mines and holds a B.A. in Economics from the University of Virginia.

Mr. Rowland, age 62, is Senior Managing Director and founding partner of IOG Capital, LP, an oil and gas investment company. Recently, he served as the Chief Executive Officer at FTS International, Inc. (formally Frac Tech International, LLC). He served as the President and Chief Financial Officer of Frac Tech Services, LLC and Frac Tech International, LLC from November 2010 to May 2011. He is the former Executive Vice President and Chief Financial Officer of Chesapeake Energy Corporation, where he worked for 18 years in roles of increasing levels of responsibility. Mr. Rowland served as Chief Operating Officer of Anglo-Suisse, LP from 1990 to 1993, assigned to the White Nights Russian Enterprise, a joint venture of Anglo-Suisse, LP and Phibro Energy Corporation, a major foreign operation which was granted the right to engage in oil and gas operations in Russia. Mr. Rowland currently serves on the Board of Directors of Warren Resources, a publicly-traded exploration and production company, as well as on several privately-held energy companies and community banks. He received his Bachelor’s degree from Wichita State University.

For more information regarding Mr. Mitcham’s new employment agreement, please see the Company’s Current Report on Form 8-K filed today with the Securities and Exchange Commission, which attaches a copy of the agreement.

ABOUT MITCHAM INDUSTRIES
Mitcham Industries, Inc., a geophysical equipment supplier, offers for lease or sale, new and “experienced” seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. Headquartered in Texas, with sales and services offices in Calgary, Canada; Brisbane, Australia; Singapore; Ufa, Bashkortostan, Russia; Budapest, Hungary; Lima, Peru; Bogota, Colombia and the United Kingdom, Mitcham conducts operations on a global scale and is the largest independent exploration equipment lessor in the industry.  Through its Seamap business, the Company designs, manufactures and sells specialized seismic marine equipment.

 

 

SOURCE Mitcham Industries, Inc.