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CHC Group Announces Resignation of CEO, Names Interim CEO

Wednesday, July 24, 2019

IRVING, TX – CHC Group today announced that President and Chief Executive Officer CEO) Karl Fessenden has resigned to accept an opportunity outside of the oil and gas industry effective August 2. Dave Balevic, Senior Vice President of Engineering & Operations, will assume the role of interim CEO. The Board has begun a search for Mr. Fessenden’s successor.

“This was a difficult decision that I reached after much reflection. It has been a privilege working shoulder-to-shoulder with the best team in the business. I am proud of all we have accomplished together. I want to thank the team and the Board of Managers for their support,” said Karl Fessenden. “CHC is in a strong position both financially and competitively in the marketplace, and the course to a bright future is set by continuing to execute our strategy,” said Karl Fessenden.

John Gremp, Chairman of CHC Board of Managers said, “On behalf of the Board, we thank Karl for his service and many accomplishments during his tenure as CEO. We will always be grateful for his leadership at a critical juncture in CHC’s history. We have made great strategic and operational progress under his leadership. We wish Karl and his family the very best.” Mr. Gremp also said, “Karl has assembled a talented and highly capable leadership team, and we are fortunate to have Dave step in as interim CEO. He has the Board’s full confidence and will ensure continuity while we conduct a thorough search for a permanent replacement.”

Balevic was appointed senior vice president, Engineering & Operations in May 2015, coming to CHC with 26 years of progressive leadership experience at General Electric. During his time at GE, he held roles in aviation, power generation and oil & gas. Balevic holds a master’s degree in aerospace engineering from the University of Cincinnati and a bachelor’s degree in mechanical engineering from Clarkson University.

Susan Gordon
Sr. Director, Global Communications

About CHC
For more than 70 years, CHC Helicopter has provided safe, reliable, cost-effective helicopter service in some of the most remote and challenging environments around the world. With extensive experience transporting customers in the oil and gas industry, supporting search-and-rescue and EMS contracts, and providing maintenance, repair and overhaul services, our dedication to safety and reputation for quality and innovation help our customers reach beyond what they thought possible. Visit www.chcheli.com for information.

Cautionary Note on Forward-Looking Statements
This press release and other statements that we may make contain forward-looking statements. Forward-looking statements are statements that are not historical facts and include statements about our future financial condition and future business plans and expectations. Such forward-looking statements are based upon the current beliefs and expectations of our management, but are subject to risks and uncertainties, which could cause actual results and/or the timing of events to differ materially from those set forth in the forward-looking statements. The forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.