New CEO to take the reins of Schlumberger

Mr Le Peuch succeeds Paal Kibsgaard, who is retiring after 22 years of service with Schlumberger, eight of which were spent as CEO and four as chairman of the board. Mr Kibsgaard will also retire as a member of the board.

Mark Papa, a current non-independent director, will be elevated to non-executive chairman of the board. Peter Currie will continue to serve as the board’s lead independent director.

In his 32 years with Schlumberger, Mr Le Peuch has held a variety of global management positions, including executive vice president, Reservoir & Infrastructure; president of the Cameron product lines; president of Schlumberger Completions; and vice president of engineering, manufacturing and sustaining.

In extending the board’s thanks to Mr Kibsgaard, Mr Currie said, “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”.