Olivier Le Peuch has been named the new chief executive officer (CEO) of Schlumberger and a member of its board, effective 1 August. Le Peuch succeeds Paal Kibsgaard, who will retire as CEO, step down as chairman of the board, and retire as a member of the board, effective the same date. Kibsgaard will retire after more than 22 years with Schlumberger, including 8 years as CEO and 4 years as chairman.
Mark G. Papa, a current non-independent director, will become non-executive chairman of the board, also effective 1 August. Peter Currie will continue to serve as the board’s lead independent director.
In his 32 years with Schlumberger, Le Peuch has held a variety of global management positions, including executive vice president, reservoir and infrastructure; president of the Cameron product lines; president of Schlumberger Completions; and vice president of engineering, manufacturing, and sustaining. Earlier in his career, he 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,” said Kibsgaard.
“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,” said Le Peuch.
Commenting on the CEO succession, Currie said, “The board joins me in thanking Paal for his more than 22 years of service to Schlumberger. Paal 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 Paal a debt of gratitude for his excellent leadership in modernizing and transforming the company to ensure its continued future success. We wish Paal the very best as he enters a new chapter in his life.”
Papa added, “The board welcomes Olivier as chief executive officer and is highly confident that Schlumberger will continue to grow and prosper under his leadership.”