CALGARY — Calfrac Well Services Ltd. says George Armoyan has been appointed as interim chief executive officer.

In connection with the change, Ronald Mathison move from his role as executive chairman to just chairman of the company.

The company says Armoyan joined the company’s board of directors in December 2020 and controls Calfrac’s largest shareholder, G2S2 Capital Inc.

Mathison says Armoyan has a proven track record of creating shareholder value by applying a common-sense approach to business.

Calfrac underwent a recapitalization plan late last year that saw holders of its senior unsecured notes swap debt for shares, leaving existing shareholders with a reduced stake in the company.

The company provides oilfield services in Canada, the United States, Argentina and Russia.

This report by The Canadian Press was first published Dec. 17, 2021.

Companies in this story: (TSX:CFW)

The Canadian Press