By Colin Kellaher
Schlumberger Ltd. (SLB) on Friday said Paal Kibsgaard will retire as chairman and chief executive, effective Aug. 1.
The oilfield-services company said Olivier Le Peuch, currently chief operating officer, will succeed Mr. Kibsgaard as CEO and join the board on that date.
Schlumberger said Mark Papa, a current non-independent director, will become non-executive chairman, while Peter Currie will continue to serve as lead independent director.
Mr. Kibsgaard, who has spent eight years as CEO and four years as chairman, is also retiring from the board.
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