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Schlumberger Ltd. (SLB) said Chairman Andrew Gould would retire
from the chief-executive post at the beginning of August, succeeded
by Chief Operating Officer Paal Kibsgaard.
Gould joined the global oilfield-services company in 1975 in the
internal audit department in Paris and took the top jobs in early
2003 after holding a number of executive positions.
The move is not a surprise. Gould has been on a sort of farewell
tour in the last year, speaking openly about his impending
retirement in his appearances at investor conferences.
Gould will continue to serve as chairman until the company's
annual shareholder meeting in April, when Schlumberger plans to
appoint independent lead director Tony Isaac as his successor.
Kibsgaard has been with the company for more than 14 years,
holding operational and management jobs in the Middle East, Europe
and the U.S. He was named operating chief in early 2010.
Bill Herbert, an analyst with Simmons & Co. said that the
succession process has been "seamless" and "well-telegraphed" with
Kibsgaard having "ample introduction and interaction with Wall
Street, all of which has been well-received.
"With respect to Andrew Gould, from our vantage point his legacy
is a formidable one, ranking him as the best and most effective CEO
in the company's history," Herbert wrote in a note to clients.
Schlumberger, which is the world's largest oilfield services
company, has predicted demand will continue to grow because of a
continuing rebound in North America and increased deep-water
exploration activity as producers seek to replace oil supplies lost
in North Africa's political unrest. Schlumberger is expected to
report its latest quarterly results Friday.
Shares recently traded 1.73% higher at $89.94.
-By John Kell and Ryan Dezember, Dow Jones Newswires; 713-547-9208; ryan.dezember@dowjones.com