Schlumberger’s CEO Paal Kibsgaard to retire after 8 years in the role

Schlumberger Ltd.
said Friday Chief Executive Paal Kibsgaard will retire after eight years in the role and 22 years with the company, and will step down as chairman of the board. The stock fell 1.1% in premarket trading, ahead of the company’s second-quarter results due out later Friday. The oil services company said Kibsgaard will be succeeded as CEO by Chief Operating Officer Olivier Le Peuch, a 32-year veteran of the company, effective Aug. 1. “The board owes Paal a debt of gratitude for his excellent leadership in modernizing and transforming the Company to ensure its continued future success,” said Lead Independent Director Peter Currie. “We wish Paal the very best as he enters a new chapter in his life.” The stock has gained 7.5% year to date through Thursday, while the S&P 500
has rallied 19.5%.

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