The US oilfield services major Halliburton elected Jeff Miller, the company’s president and a board member, to the position of president and CEO.
Dave Lesar, who has led Halliburton as chairman and CEO since 2000, will continue serving the company as executive chairman. The leadership changes are effective June 1, 2017.
“I am grateful to the board and Dave for this opportunity to serve Halliburton shareholders and employees,” Miller said. “I have been fortunate to work directly with Dave for many years and to learn from him as we execute and deliver industry-leading returns by serving our customers and growing our revenue and margins. I look forward to leading our organization as we continue to collaborate and engineer solutions to maximize asset value for our customers.”
Miller will provide the day-to-day leadership and management of the company. He will also be responsible for the planning and execution of Halliburton’s strategic direction, financial objectives, and technology development along with Halliburton’s management team who will report directly to him.
As executive chairman, Lesar will focus on the strategic direction of the company, advising the Halliburton management team and transitioning CEO responsibilities to Miller who will then continue reporting to Lesar. He will be actively engaged with shareholders and continue working with customers to ensure the company is best addressing their needs. Lesar has entered into a new executive employment agreement that provides that he will continue as executive chairman through mandatory retirement on December 31, 2018, and contains a 4 year non-compete.
“Successful careers are about creating opportunities and value for all constituents including shareholders, customers, and employees, and I believe we have achieved those goals during my time as CEO and will continue to do so in the future. As I approach my last 18 months as a Halliburton employee, it’s time to look forward and transition to new leadership,” said Lesar. “I have known and worked with Jeff for almost 30 years and have great confidence that he is the best choice to be the next Halliburton CEO. With the support of our committed management team and the dedication of our outstanding employees, I know he will lead Halliburton to continue to deliver both long-term shareholder value and superior customer service. I look forward to working closely with him as he transitions into his new role.”