sentences:  The board of directors has initiated a search to identify a permanent President and CEO and will work with a leading executive search firm to assist in the process.The company was founded in 1941 in Weatherford, Texas as the Weatherford Spring Company by Jesse E. Hall Sr.In 1948, the company was renamed Weatherford Oil Tool Company (WOTCO) with ownership by Jesse Hall, his son, Elmer, James E. Berry, and Juan A. Perea.