Hanover Compressor Names Ex-Schlumberger Executive Its CEO

Hanover Compressor ( HC) named longtime oilfield services executive Chad Deaton its new chief executive and president. The natural gas pump company had been without permanent leadership for over two weeks due to the resignations of its CEO and COO.

Deaton, most recently the executive vice president of Schlumberger Oilfield Services, replaced CEO Michael McGhan. Deaton has been in the oilfield services for 25 years with the Dowell Division of Dow Chemical and Schlumberger Ltd.

McGhan resigned Aug. 2 amid growing questions about the company's accounting practices and criticism about loans he received from the company.

The company's shares plummeted the day after the resignations but recouped about half the loss on Aug. 5 when Hanover restated its financial results for the second time this year. In its second quarter, the company had a loss of $55.2 million, or 70 cents a share. Revenue rose slightly from $245.4 million to $267.2 million over last year.

Analysts polled by First Call/Thomson financial expect the company to reach 13 cents a share by its third quarter and 43 cents for the year.

Shares of Hanover were recently up 5.91% at $10.58 on the New York Stock Exchange.

More from Technology

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Some Companies Are Already Feeling the Effect of GDPR

Some Companies Are Already Feeling the Effect of GDPR

Experts Break Down GDPR Risks for Investors

Experts Break Down GDPR Risks for Investors

Netflix Ready to Surpass Disney as America's Most Valuable Media Company

Netflix Ready to Surpass Disney as America's Most Valuable Media Company

60 Seconds: What the Heck is GDPR?

60 Seconds: What the Heck is GDPR?