Schlumberger Elevates Le Peuch to CEO as Kibsgaard to Retire -- 2nd Update
July 19 2019 - 3:23PM
Dow Jones News
By Colin Kellaher
Schlumberger Ltd. (SLB) on Friday said Paal Kibsgaard will
retire as chairman and chief executive, effective Aug. 1.
The Houston oilfield-services company said Olivier Le Peuch,
currently chief operating officer, will succeed Mr. Kibsgaard as
chief executive and join the board on that date.
Schlumberger said Mark Papa, one of the pioneers of the U.S.
shale boom who joined the board as a non-independent director in
October, will become non-executive chairman, while Peter Currie
will continue to serve as lead independent director.
Mr. Papa, the former chief executive of shale-industry
bellwether EOG Resources Inc. (EOG), is currently chairman and
chief executive of smaller independent shale company Centennial
Resource Development Inc. (CDEV).
Mr. Le Peuch, who has spent 32 years with Schlumberger, was
named chief operating officer in February, a move seen as a signal
that he was in line to succeed Mr. Kibsgaard at the helm.
Schlumberger said in a Securities and Exchange Commission filing
that its board approved an increase in Mr. Le Peuch's annual base
salary to $1.4 million and an annual cash incentive range from 0%
to 150% of his base salary. The board also approved a performance
share unit grant with a grant date fair value of about $10.5
million, the company said in the filing.
Both Mr. Kibsgaard and his predecessor, Andrew Gould, each
served as chief operating officer for just over a year before
moving into the top post.
Mr. Kibsgaard, who joined Schlumberger in 1997, has been chief
executive since August 2011 and chairman since April 2015. He is
also retiring from the board, the company said.
--Michael Dabaie contributed to this article.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 19, 2019 15:08 ET (19:08 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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