UK Edition
Hunting chairman to step down after 26 years
The chairman of oil services company Hunting is to step down after 26 years in the role.
Richard Hunting, a member of the family who founded the 143-year-old company, will be replaced by John Glick on Friday, September 1.
Mr Glick has been a non-executive director of the company since 2015, having previously been president and chief executive of oil industry manufacturing company Lufkin Industries from 2008 to 2013, when Lufkin was acquired by General Electric Company
News of Mr Hunting’s departure sent shares in Hunting down as much as 6.37pc to 376.5p on Tuesday, their lowest price in a year.
The company, which was established as a shipping business by Charles Hunting in 1874, took on its present form in 1989 when three separate listed businesses were combined under the Hunting name. It now manufactures and distributes products that enable the extraction of oil and gas.
Richard Hunting was elected as deputy chairman in 1989 and became chairman in 1991, taking over from his uncle Clive Hunting. Richard will however remain on the board as a non-independent, non-executive director after he relinquishes the chairman’s job.
Earlier this month, Hunting appointed a new chief executive, Arthur James Johnson, who also begins in post on Friday. Another lifer, Mr Johnson has been with the company since 1992, in a variety of senior roles.
He succeeds Dennis Proctor who announced in April that he would retire after a mere 16 years at the helm of the company.
Hunting’s most recent results showed that in the six months to June 30, the firm had benefited from a boost to onshore shale drilling activity in the US.
Mr Proctor said at the time that he had “cautious optimism” about the rest of the year, and that he expected the group to exit the current downturn “leaner and more profitable”.
“Despite trading momentum and order book levels within most businesses improving, the outlook for the full year remains dependent on the oil price,” he cautioned.