Houston-based Oceaneering International, Inc. (NYSE: OII), a global provider of engineered services and products primarily for the offshore energy industry with a $2.04 billion market capitalization, today unveiled its leadership succession plan for the finance function. Alan R. Curtis, who has served as Chief Financial Officer since 2015, will retire on January 1, 2026. Michael W. Sumruld is slated to join the company as Senior Vice President of Finance on September 1, 2025, and will succeed Curtis as CFO.
Leadership Transition Details
Curtis, who has dedicated over three decades to Oceaneering, leaves behind a strong legacy of financial stewardship and strategic growth. During his tenure, the company achieved:
An “Excellent” rating from InvestingPro
A robust current ratio of 1.89
Consistent revenue growth of 10.04%
President and CEO Rod Larson praised Curtis’ contributions, stating: “Alan’s financial leadership has been instrumental in creating shareholder value and advancing our portfolio development. We sincerely thank him for his service and wish him a fulfilling retirement.”
Board Chairman M. Kevin McEvoy echoed these sentiments, highlighting Curtis’ integrity and his transformative impact on the company’s financial and organizational frameworks.
Incoming CFO Profile
Sumruld brings extensive financial leadership experience to Oceaneering:
Certified Public Accountant with degrees from the University of Houston and Texas A&M University
Former Senior Vice President and CFO at Parker Drilling Company
Previous leadership roles at LyondellBasell Industries N.V. and Baker Hughes Incorporated
Larson welcomed Sumruld’s impending arrival, emphasizing his “proven leadership abilities and business-oriented approach.” The appointment forms part of Oceaneering’s strategic succession planning to drive continued growth and enhance shareholder value.
Transition Arrangements
Curtis will remain in a transitional role to ensure a smooth handover, with Sumruld reporting directly to Larson upon joining. This phased approach aims to maintain continuity in financial operations during the leadership change.
Company Performance and Outlook
The leadership announcement comes amid strong operational performance:
Q1 2025 results exceeded analyst expectations with EPS of 0.49(vs.expected0.30) and revenue of 675million(652.05 million expected)
13% year-over-year revenue growth
Net income of $50.4 million, up 233% from prior year
Reaffirmed full-year EBITDA guidance of $380-430 million
The company maintains attractive financial metrics including an 11.2 P/E ratio and $182.71 million in net income. Investors can access comprehensive analysis of Oceaneering’s financial health through InvestingPro’s detailed research reports covering over 1,400 U.S. equities.
Governance Update
At the recent annual shareholder meeting:
Roderick A. Larson, M. Kevin McEvoy, and Paul B. Murphy, Jr. were re-elected to Class III directorships
Executive compensation was approved
Ernst & Young LLP was reappointed as independent auditor for FY2025
The amended and restated 2020 Incentive Plan was adopted
This leadership transition occurs during a period of strategic expansion as Oceaneering serves diverse sectors including defense, aerospace, and manufacturing, alongside its core offshore energy operations. The company’s robust financial position and clear succession planning suggest preparedness for continued execution against its growth objectives.
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