UK-based Weatherford International did away with its chief operating officer post Wednesday and has moved current COO Dharmesh Mehta to the position of vice president of corporate strategy.
“Mr. Mehta will play an integral role in steering the company through the challenges and opportunities that market conditions present from a strategic standpoint and will continue to report directly to the office of the chief executive officer,” Weatherford said in a Securities and Exchange Commission filing.
The move is part of an effort to streamline the company’s management structure and cut costs amid plummeting oil prices.
“The chief operating officer position will not be filled as the company adopts a flatter management structure throughout the whole organisation to address current and expected market conditions,” Weatherford said.
Earlier this week the company reportedly fired 100 employees in Norway without offering redundancy packages, Upstream said.
Last year, Weatherford shareholders backed a bid to re-incorporate the company in Ireland to trim costs.