Helmerich & Payne Getting a New CEO
Tulsa, Okla.-based Helmerich & Payne is getting ready to switch CEOs.
On Wednesday, the oil driller announced that current Chairman and Chief Executive Officer Hans Helmerich will retire from his position at the conclusion of the company's annual shareholders meeting on March 5, 2014. He will be replaced at that time by Chief Operating Officer John W. Lindsay, a 26-year veteran of the company, who will assume the CEO's post.
Commenting on the succession, Helmerich noted that: "This is part of a plan I initiated with the Board over four years ago. It matches a personal goal of serving 25 years as the Company's CEO and then transitioning into another role." Helmerich will remain chairman of the company.
According to a filing with the SEC, Helmerich & Payneintends to set Lindsay's new compensation level "at a later date."
The article Helmerich & Payne Getting a New CEO originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.