Drilling contractor Hercules Offshore Inc said Chairman John Reynolds resigned from the board effective Dec. 31.
Reynolds, 38, quit to focus on other business interests and his role as co-founder and managing director of Lime Rock Management L.P., Hercules said in a statement.
Thomas Bates, a director of the company since its inception in 2004, will replace Reynolds.
The board also decided to reduce its size to nine from 10 directors effective Dec. 31. Shares of the Houston-based company closed at $4.69 Tuesday on Nasdaq. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Unnikrishnan Nair)