Barnes Plans to Leave as Smith President
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Fred J. Barnes resigned Monday as president and chief operating officer of Newport Beach-based Smith International Inc. Company officials said, however, that Barnes will not leave the company until later this year.
Smith Chairman and Chief Executive Jerry Neely will assume the responsibilities of president and chief operating officer at the maker of drilling bits and other products for the oil and gas industry.
During the next several months, Barnes, 46, will devote his efforts to managing the appeal of a patent infringement lawsuit in which Smith was ordered to pay Hughes Tool Co. $205 million. Smith sought protection from creditors in a Chapter 11 bankruptcy action in March, shortly after the patent award was handed down in U.S. District Court in Los Angeles.
Division presidents formerly reporting to Barnes will now report to Neely, the company reported.
The company did not say why Barnes decided to resign at this time or what his future plans are. Barnes could not be reached for comment.
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