By Kristin Jones
Offshore-drilling company Rowan Cos. (RDC) has promoted Thomas
P. Burke to the role of president, with the expectation that he
will succeed W. Matt Ralls as chief executive in mid-2014.
Mr. Burke will remain in his current position as chief operating
officer while serving as president.
"When Matt became CEO in January 2009, we agreed that an orderly
succession plan should be in place in about five years," said
Chairman Jack Lentz. "These steps will accomplish this objective
and secure Matt Ralls' continued commitment to the company's
strategic direction."
Mr. Burke joined Rowan in July 2011, serving as chief executive
of its equipment manufacturing subsidiary LeTourneau Technologies
Inc. before it was sold for $875 million later that year. He has
also held roles at oilfield services company Complete Production
Services, Schlumberger Ltd. (SLB) and McKinsey & Co.
Rowan reported last month that its fourth-quarter profit rose
20% as additions to its fleet and higher utilization rates at
existing rigs contributed to revenue growth. The company, which
also shed its land-drilling operations in 2011, has been focusing
its operations on its core offshore-drilling business, which
operates a fleet of shallow-water rigs.
Shares rose 10 cents to $34.52 in after-hours trading. Through
the close, the stock was up 10% since the start of the year.
Write to Kristin Jones at kristin.jones@dowjones.com
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