Michael Talbert, chairman of drilling company Transocean, will step down in the next year, the company has confirmed.
Investor Carl Icahn, who has been campaigning for management change within the firm, had opposed Mr Talbert’s re-election at the company’s upcoming shareholders meeting on May 17.
Transocean said Mr Talbert had advised the board that if re-elected , he will retire no later than the company’s 2014 annual general meeting.
He was chief executive of Transocean from 1994 to 2002 and has served on the board since 1994.
Mr Icahn, who owns about 5.6% of Transocean, wants the company to replace its directors, including the chairman.
He called on shareholders to vote for his nominees, John Lipinski, José Maria Alapont and Samuel Merksamer.
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