Schlumberger announced that its board of directors has appointed Olivier Le Peuch as its Chief Executive Officer and member of the Schlumberger Board, effective 1 August 2019. Mr Le Peuch succeeds Paal Kibsgaard, who will retire as Chief Executive Officer effective that same date. Also effective 1 August, Mr Kibsgaard will step down as Chairman of the Board and retire as a member of the board of directors. Mr 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 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.
In his 32 years with the company, Mr Le Peuch has held a variety of global management positions, 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.
“Mr Le Peuch 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 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,” Mr Le Peuch added. “I would like to thank Mr Kibsgaard for his leadership and contributions to the company, along with his guidance during the succession process.”
“The board joins me in thanking Mr Kibsgaard for his more than 22 years of service to Schlumberger,” Mr Currie said. “Mr Kibsgaard navigated the company through the worst downturn in the history of the industry and set us on the right course to win in a different landscape. The board owes Mr Kibsgaard a debt of gratitude for his excellent leadership in modernizing and transforming the company to ensure its continued future success. We wish Mr Kibsgaard the very best as he enters a new chapter in his life.”
“The board welcomes Mr Le Peuch as Chief Executive Officer and is highly confident that Schlumberger will continue to grow and prosper under his leadership,” Mr Papa added.