Offshore drilling contractor Transocean Ltd. (RIG), Thursday announced that Steven Newman will become its new Chief Executive Officer, effective March 1, 2010. Newman succeeds Robert Long, who is retiring as chief executive. Long will also resign from the company's board of directors effective February 28, 2010.
Bob Rose, chairman of Transocean Ltd, commented, "After 35 years of dedicated service to the company, Bob's legacy is the creation of the world's leading offshore drilling company with an outstanding management team, excellent business processes and solid financial performance."
Newman, the newly appointed CEO, will be included on the Annual General Meeting of Shareholders agenda in May as a candidate for election as a member of the board of directors.
With Transocean, Newman has served as President and Chief Operating Officer since May 2008. Newman was previously responsible for various senior management roles, including Executive Vice President of Performance, Executive Vice President and Chief Operating Officer, Senior Vice President of Human Resources, Information Process Solutions and Treasury, and Vice President of Performance and Technology.
Newman also has served in international field and operations management positions, including Project Engineer, Rig Manager, Division Manager, Region Marketing Manager, Region Operations Manager, and Region Manager.
RIG is currently trading at $83.4701, down 0.6599 or 0.78%, on a volume of 4.90 million shares on the NYSE.
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