Schlumberger Limited has announced the appointment of 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.
Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry.
In a statement, Schlumberger said Mr. Kibsgaard will step down as Chairman of the Board and retire as a member of the Board of Directors.
Mr. Kibsgaard is retiring 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,” the statement said.
Mr. Le Peuch held a variety of global management positions at Schlumberger, including Executive Vice President, Reservoir & Infrastructure; President of the Cameron product lines; President of Schlumberger Completions; and Vice President of Engineering, Manufacturing and Sustaining. Earlier in his career, Le Peuch was GeoMarket Manager for the North Sea and President of Software Integrated Solutions.
“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,” Mr. Kibsgaard stated.
Commenting on his appointment, Mr. Le Peuch said, “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.”