International Tax Review is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Weatherford hires Parent for chief tax role

weatherfordsmall.jpg

Weatherford, the oilfield services and equipment company, which has been trying to rectify serious tax accounting problems for the last two years, has a new head of tax.

James Parent joined the company on July 1 from his previous role as vice president of tax reporting for Tyco International, where he had worked from 2006 until last month. Before that he was with PwC for 13 years. He is a certified public accountant and also has a law degree.

Weatherford announced in March 2011 that it would have to restate its earnings between 2007 and 2010 because of tax mistakes that would cost more than $500 million. The company blamed inadequate staffing, subpar tax advising within the company and poor internal review procedures.

A year later the company told investors that they should not rely on previous years’ results because the work to fix its financial reporting problems had not been completed. Then in March, it announced its chief financial officer and vice president for tax would be leaving.

more across site & bottom lb ros

More from across our site

David Pickstone and Anastasia Nourescu of Stewarts review the facts and implications of Ørsted’s appeal at the Upper Tribunal.
The Internal Revenue Service will lose the funding as part of the US debt limit deal, while Amazon UK reaps the benefits of the 130% ‘super-deduction’.
The European Commission wanted to make an example of US companies like Apple, but its crusade against ‘sweetheart’ tax rulings may be derailed at the CJEU.
The OECD has announced that a TP training programme is about to conclude in West Africa, a region that has been plagued by mispricing activities for a number of years.
Richard Murphy and Andrew Baker make the case for tax transparency as a public good and how key principles should lead to a better tax system.
‘Go on leave, effective immediately’, PwC has told nine partners in the latest development in the firm’s ongoing tax scandal.
The forum heard that VAT professionals are struggling under new pressures to validate transactions and catch fraud, responsibilities that they say should lie with governments.
The working paper suggested a new framework for boosting effective carbon rates and reducing the inconsistency of climate policy.
UAE firm Virtuzone launches ‘TaxGPT’, claiming it is the first AI-powered tax tool, while the Australian police faces claims of a conflict of interest over its PwC audit contract.
The US technology company is defending its past Irish tax arrangements at the CJEU in a final showdown that could have major political repercussions.