- Push-out Score determined
- After eight years in the position
- Praise, thanks and good wishes for Kibsgaard
- Olivier Le Peuch taking over
- Kibsgaard kept it short and said 32 words
(exechange) — Paris, France, July 19, 2019 — Paal Kibsgaard, chief executive of Schlumberger, leaves. As announced by Schlumberger Ltd. in a news release on Friday, July 19, 2019, Paal Kibsgaard leaves his post as Chief Executive Officer at the world’s largest oilfield services provider after eight years in the role, effective August 1, 2019.
Paal Kibsgaard’s duties as CEO will be taken over by Olivier Le Peuch, currently Chief Operating Officer of Schlumberger Limited.
No reason given
In the announcement, Schlumberger did not explicitly explain the reason for Paal Kibsgaard’s imminent move.
Precise information regarding Paal Kibsgaard’s future plans was not immediately available.
“Retire”
Schlumberger said: “Schlumberger Limited (NYSE: SLB) announced today that its Board of Directors has appointed Olivier Le Peuch as its Chief Executive Officer and member of the Schlumberger Board, effective August 1, 2019. Mr. Le Peuch succeeds Paal Kibsgaard, who will retire as Chief Executive Officer effective that same date.”
Share price decline
The announcement follows a decline in Schlumberger Limited’s share price of 65 percent since June 2014.
In the position of CEO since 2011
Paal Kibsgaard has been CEO of the company since August 2011.
Kibsgaard has been a director and Chief Executive Officer of the Company since 2011.
He became the Chairman of the Board in April 2015.
He was the Company’s Chief Operating Officer from February 2010 to July 2011, and President of the Reservoir Characterization Group from May 2009 to February 2010.
Prior to that, Kibsgaard served as Vice President, Engineering, Manufacturing and Sustaining, from November 2007 to May 2009, and as Vice President of Personnel from April 2006 to November 2007.
Kibsgaard has been with the Company since 1997, and began his career as a reservoir engineer.
He has held numerous operational and administrative management positions within the Company in the Middle East, Europe and the U.S.
Also effective August 1, Kibsgaard will step down as Chairman of the Board and retire as a member of the Board of Directors.
Kibsgaard will retire after more than 22 years of service to the Company, including eight years as CEO and four years as Chairman.
Effective the same date, Mark G. Papa, a current non-independent director, will become non-executive Chairman of the Board.
Peter Currie will continue to serve as the Board’s Lead Independent Director.
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 Schlumberger and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2019 ($).