RIG Transocean Ltd

   By Anjie Zheng 
 

Transocean Ltd. (RIG) said its president and chief executive, Steven Newman, will step down effective Monday.

The international offshore drilling services company said Sunday that the agreement was mutually agreed by Mr. Newman and the board of directors, without giving a reason for the resignation.

Ian Strachan, chairman of the board, will serve as interim chief executive until a permanent replacement is named.

Write to Anjie Zheng at anjie.zheng@wsj.com

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