HOUSTON, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Frank's International N.V. ("Frank's" or the "Company") (NYSE:FI) today announced that its Board of Supervisory Directors has named Douglas Stephens as President and Chief Executive Officer effective November 15, 2016. Mr. Stephens was most recently with Baker Hughes, Inc. where he was President of the global pressure pumping division and responsible for its worldwide tubular running and pressure pumping business. Prior to Baker Hughes, Mr. Stephens held various positions of increasing responsibility for over 20 years with Schlumberger Limited, including assignments in the United States, Oman, Italy, Egypt and the United Kingdom. Mr. Stephens will succeed Gary Luquette, who has served as President and CEO since January 2015. Mr. Luquette will remain with the Company to assist in the transition until December 31, 2016. He will also continue as a Supervisory Director until the next Annual Meeting of Shareholders in May 2017, when Mr. Stephens will be recommended to the shareholders for election to the Supervisory Board. Michael Kearney, Chairman of Frank's Board, commented, "The Board of Supervisory Directors is extremely excited to have Douglas join the Frank's team at this important juncture in the long, highly successful history of the Company. We have complete confidence in Douglas based on his leadership abilities and extensive, worldwide oil service experience. As our Board considered candidates for our leadership succession plan, Douglas became a clear choice to continue the success achieved by our prior CEOs." Kearney continued "Keith Mosing, the grandson of the founder of Frank's who began the business in 1938, created the international component of the Company and drove the growth and profitability of Frank's for over three decades as CEO until handing over the Chief Executive duties to Gary Luquette. Gary agreed to assume the role of CEO in January 2015 and serve as both a continuing Board member and transitional CEO that would take on the critical mandate of transforming the Company's operations from that of a private company to that of a public company. On behalf of the entire Board as well as Frank's employees, I want to thank Gary for his significant contributions to the Company, which are even more impressive when considering the severe industry downturn which began as he was commencing his tenure as CEO. His leadership has allowed the Company to successfully make the transition from private to public. We wish Gary the very best in his future endeavors."