- Push-out Score determined
- After almost seven years in the position
- Praise, thanks and good wishes for Rich
- Search for a successor
- Rich said 61 words
(exechange) — Houston, Texas, July 15, 2019 — Gary Rich, chief executive of Parker Drilling, leaves. As announced by Parker Drilling Co. in a news release and in a regulatory filing published on Monday, July 15, 2019, Gary G. Rich leaves his post as Chief Executive Officer at the oil industry company after almost seven years in the role, effective later this year.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.5 years, according to data compiled by exechange.
Parker Drilling will undertake a search for a successor.
“Pursuing opportunities for profitable growth”
A reason for Gary Rich’s departure from the CEO post was not explicitly provided. Parker Drilling Chairman Eugene Davis said: “With a solid financial foundation, we look forward to pursuing opportunities for profitable growth while maintaining a strict focus on capital returns as we enter the next chapter in Parker’s history.”
Precise information regarding Gary Rich’s future plans was not immediately available.
Parker Drilling said: “Gary Rich has decided to retire from his roles as President, Chief Executive Officer, and Director of Parker Drilling later this year.”
Share price decline
The announcement follows a decline in Parker Drilling Company’s share price of 16 percent since May 2019.
Chaired by Eugene Davis
Parker Drilling Company is chaired by Eugene Davis.
In the position of CEO since 2012
Gary G. Rich has been the Chief Executive Officer and President of Parker Drilling Co. since October 1, 2012.
An industry veteran with over 30 years of global technical, commercial and operations experience, Rich joined the Company in 2012 after a 25-year career with Baker Hughes.
Most recently, he served as Vice President of Global Sales for Baker Hughes Incorporated, and prior to this role, he served as president of that company’s European operations.
Previously, Rich was President of Hughes Christensen Company (HCC), a division of Baker Hughes primarily focused on the production and distribution of drilling bits for the petroleum industry.
Rich holds a B.S. in Accounting from Brigham Young University and an M.S. in Science and Technology Commercialization from the University of Texas.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Parker Drilling and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2019 ($).