Transocean said its current chief executive Steve Newman has stepped down from his role.
The company said both Mr Newman and the board of directors had mutually agreed that he will step down as well as resigning as a director.
Ian Strachan, chairman of the board, will step in as Transocean’s interim chief executive officer.
Mr Strachan said: “As Chief Executive, Steven has capably guided Transocean over the last five years, demonstrating outstanding leadership through what was unquestionably the most challenging period in its history,”
“In addition to leading Transocean through company- and industry-changing events following the Macondo well incident, Steven initiated essential changes that have and will continue to improve the company’s fleet, operations, cost structure and long-term competitiveness.
“As a result, Transocean is well positioned to weather the current industry downturn and emerge even stronger. On behalf of the board of directors, and all Transocean employees, I would like to thank Steven for his dedicated service to the company and wish him all the best in his future endeavours.”
Mr Strachan has served as a director of the company since 1999 and as chairman of the board since May 2013.
He began his career with Exxon Corporation where he spent 16 years.
Recommended for you
