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Thu, Jun 03, 2004

Petroleum Helicopters: Change At The Top

CEO Abruptly Announces Resignation

Petroleum Helicopters announced that its Chief Executive Officer and President, Lance F. Bospflug, has resigned as CEO and President at the end of May. A back-dated news release to ANN said Bospflug resigned for "personal reasons."

Bospflug was named President of Petroleum Helicopters in September of 2000 and CEO in August of 2001.

Al A. Gonsoulin, Chairman of the Board, will assume the title of Chairman, CEO and President effective immediately. Bospflug will remain with PHI in an special projects position and will continue to serve as a Director on PHI's Board.

Petroleum Helicopters provides helicopter transportation services to the oil and gas industry and the air-medical industry.

FMI: www.phihelico.com

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