PHI CEO steps down after company emerges from Chapter 11

PHI chief executive officer Lance Bospflug, who led the company through its recent Chapter 11 bankruptcy reorganization, has stepped down from his position and from the board of directors, the company announced to customers in a Nov. 18 letter.

Lance Bospflug, chief executive officer of PHI, is stepping down from his position. PHI Photo
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“Lance was instrumental in our formal restructuring process that resulted in a resilient company with PHI emerging as the strongest among its competitors,” the letter said. It was signed by PHI Americas president David F. Stepanek. “We are in a unique position to capitalize upon future growth prospects and opportunities while remaining committed to delivering our core values: safe, efficient, quality, service.”

Not only is Bospflug stepping down, his position as CEO is being restructured into the “Office of the CEO,” which will be co-chaired by Scott McCarty and Bob Tamburino. The two men have “been closely integrated with our business since the early stages of the restructuring process and are committed to driving our core organizational values,” Stepanek wrote.

Bospflug became president of Petroleum Helicopters Inc. in September 2000. He added the title of CEO the following year. He remained an executive through the renaming of the company as PHI Inc and became its chief operating officer in 2009. He added the title of president the following year and then ascended to CEO in September 2019.

PHI filed for Chapter 11 bankruptcy in March and successfully emerged in September.

“Through Lance’s tenure, he has created a strong operational organization enabling three independent but collaborative business units formed under PHI Group Inc. to better support our employees, customers, and stakeholders,” Stepanek wrote in his letter to customers.

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Those units include PHI Americas, PHI International and PHI Health, and support the energy and mining industries, search-and-rescue, helicopter emergency medical services and healthcare.

“Lance’s leadership has been paramount to our success as demonstrated by a solid financial foundation to operate well into the future, a safety culture that will endure the fostering of a leadership team that will continue this great work,” Stepanek added. “These values have earned Lance the utmost respect in each of these industries around the globe.”

Under the new leadership structure, the three business unit presidents will report directly to the Office of the CEO. The business units are led by David Stepanek, president of PHI Americas based in Lafayette, Louisiana; Keith Mullett, president of PHI International based in Nelson, New Zealand; and David Motzkin, president of PHI Health based in Phoenix, Arizona.

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