Dril-Quip Inc. will have a new CEO next year. Blake DeBerry, CEO and a board director, will step down from his post on Dec. 31. DeBerry has been in the role since 2011. Jeffrey Bird, Dril-Quip's president and COO, will succeed DeBerry as CEO and join the board. Changes will take effect on Jan. 1.
DeBerry and Dril-Quip entered into a separation and release agreement on Sept. 1, according to a U.S. Securities and Exchange Commission filing. DeBerry will receive a lump sum cash severance payment of $1.36 million and will continue to receive company-paid medical, dental and life insurance up to three years after leaving the company. The separation agreement also states that DeBerry will remain available to provide transitioning service from Jan. 1, 2022, to Dec. 31, 2023. Bird joined Dril-Quip in March 2017, first as vice president and CFO. He then moved up to senior vice president of production operations and CFO in March 2019. In May 2020, he was promoted to president and COO. Bird was also a finalist for the Houston Business Journal's CFO of the Year in 2018. Before joining Dril-Quip, Bird served as the executive vice president and CFO at Frank's International NV . Before that, he was CFO of Ascend Performance Materials. He has also served as a division CFO for Danaher Corp. and in an executive role at Oshkosh Corp.
Dril-Quip, Inc. is a developer, manufacturer and provider of highly engineered equipment, service and technologies for use in the energy industry. The Company's segments include Subsea Products, Subsea Services and Well Construction. Its Subsea Products segment manufactures highly engineered products with a wide array of deepwater drilling equipment and technology that meets the requirements for harsh subsea environments. The Company's Subsea Services segment provides aftermarket support and technical services with field technicians that support the full installation and lifecycle management of regulatory and industry standards, as well as offering industry training programs. Its Well Construction segment provides products and services utilized in the construction of the wellbore, such as completions, casing hardware and liner hanger systems. Its Well Construction segment also includes Great North's operations. These products and services are used on both land and offshore markets.
DRIL-QUIP, INC. 
