Schlumberger has appointed Olivier Le Peuch as its new chief executive officer and member of the Schlumberger board, effective August 1, 2019.
In his 32 years with Schlumberger, Le Peuch has held a variety of global management positions.
Le Peuch succeeds Paal Kibsgaard, who will retire as CEO effective that same date.
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.
Kibsgaard commented, “Olivier possesses the company’s values, an in-depth knowledge of our business, and a proven industry track record—all together, he is ideally suited to lead Schlumberger into the next chapter of our history.” Le Peuch added, “I am truly honored at being chosen to lead Schlumberger and its world-class workforce at a very exciting time in our company’s history. I would like to thank Paal for his leadership and contributions to the company, along with his guidance during the succession process.”
Schlumberger has seen its quarterly profit up some 14 per cent against last year’s Q2 result.
The oilfield services giant generated Q2 2019 profit of $492 million, or 35 cents per share, on some $35 million lower revenue ($8.26 billion), against profit of $430 million.