Mark B. Slaughter may not be an entrepreneur in the traditional sense in that he didn’t found his current company, RigNet Inc., but he is the foster parent that took on a wild and undisciplined child and raised it into a focused and talented company with a bright future.
When Slaughter was named president and CEO of RigNet, a global provider of managed communication services to the upstream oil and gas industry, the company was six years old and struggling with managing high growth, poor processes, weak financial performance and low morale.
Shortly after assuming the reins, Slaughter learned the company faced potential Foreign Corrupt Practices Act violations resulting from lack of controls and poor compliance policies.
But Slaughter didn’t panic. He reported the issue to the board and hired outside counsel to address the problem. Then RigNet self-reported the issue and its solutions to the government. In 2008, the issue was resolved with the U.S. Department of Justice, which closed the matter and declined to fine the company.
Since then, Slaughter has implemented stringent internal controls at RigNet and created a global-compliant culture. His keen eye for detail has also helped solve other problems that RigNet faced and solidified the company’s place as an industry global leader.
Today, the Houston-based company has installations throughout 34 countries and six continents, spanning the global offshore drilling and production industry.
Slaughter has increased the company’s profitability through cost-cutting, restructuring and cross-selling initiatives. He has upgraded key management positions, realigned incentives programs, and instituted operational and financial processes that deliver improved customer satisfaction. And, he’s grown RigNet’s top-line revenue threefold from 2006 to the fiscal year-end on Dec. 31, 2008.
How to reach: RigNet Inc., (281) 674-0100 or www.rig.net