Shivram was promoted in November from the CFO position to interim CEO after longtime chairman and CEO Bernard Duroc-Danner resigned amid Weatherford’s ongoing financial woes. The oilfield services giant’s largest operations are based in Houston. Shivram joined Weatherford three years ago after a long career at Schlumberger.

Shivram named Christoph Bausch executive vice president and CFO. Bausch joined Weatherford in May as a vice president after leaving the CFO position at Norway-based . oilfield services company Archer Ltd. Bausch also has worked at Transocean and Schlumberger.

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Weatherford’s new president of regional operations over the Western and Eastern Hemispheres is Frederico Justus, who joined Weatherford in 2010 and most recently served as vice president over the Middle East and Africa region. Justus replaces Tony Branch in the president’s role. Weatherford would only say that Branch is leaving the company and that the corporation is grateful for his service.

“The future is full of opportunity for Weatherford, and I very much look forward to working with both Christoph and Frederico to take our company to the next level,” Shivram said in a statement.

Weatherford Vice Chairman Robert Rayne became the new chairman last month.

Weatherford posted a $1.8 billion third-quarter loss after agreeing in September to pay a $140 million penalty to settle federal charges that it used deceptive accounting practices to falsely inflate profits in previous years before Shivram joined the company.

Weatherford is a distant fourth in the rankings of the largest oil field services companies after Schlumberger, Halliburton and Baker Hughes. Since the beginning of 2014, Weatherford has reduced its workforce to 31,000 from more than 67,000. It was struggling financially even when oil was at $100 a barrel, but has now largely completed its downsizing at the end of the two-year oil bust.