The chairman and CEO of Schlumberger Ltd. is retiring after 36 years with the oil services company.
The Houston company said Thursday that 64-year-old Andrew Gould will officially step down as CEO on Aug. 1. He will continue to serve as chairman until the company's annual shareholder meeting next April.
Chief Operating Officer Paal Kibsgaard will replace Gould as CEO. Its board expects to name independent lead director Tony Isaac as chairman. Kibsgaard has served as COO since last February. He's been a member of the company's board since April.
Gould has been CEO since 2003. He started with the company as an internal auditor in Paris in 1975.
An Associated Press analysis shows Gould received compensation valued at about $14.5 million last year _ a particularly challenging time for the industry. The U.S. shut down deep-water drilling in the Gulf of Mexico for several months after a rig blowout killed 11 people and led to the largest offshore oil spill in American history.
Shares of Schlumberger rose 12 cents to $88.53 in premarket trading. The company is scheduled to report second-quarter earnings on Friday.