(Corrects name of company co-founder in second paragraph.)
Helmerich & Payne Inc. (HP), the largest onshore drilling rig contractor in the U.S., said Chief Executive Officer Hans Helmerich will retire in March and Chief Operating Officer John W. Lindsay will take over.
Helmerich will remain as chairman and has a three-year consultancy agreement, the company said in a statement today. The grandson of company co-founder Walter Helmerich, Hans Helmerich has been CEO since 1989. He said the decision to step down after 25 years in charge was made with the board four years ago.
Lindsay, 52, was promoted to president and COO last year and has been with the Tulsa, Oklahoma-based company since 1987.
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