Schlumberger Ltd. Chief Executive Officer Andrew Gould will retire on Aug. 1 and be replaced by Chief Operating Officer Paal Kibsgaard.
Gould, 64, will remain as chairman of Schlumberger, the world’s largest oilfield-services provider, until April 2012, the Houston- and Paris-based company said in a statement today. Tony Isaac, Schlumberger’s independent lead director, will assume the top spot on the board when Gould departs.
Kibsgaard, 44, is a petroleum engineer who began his career at Exxon Mobil Corp. in 1992. He joined Schlumberger five years later as a reservoir engineer in Saudi Arabia. Kibsgaard, who has a master’s degree from the Norwegian Institute of Technology, was appointed COO last year, where he has been responsible for daily management of Schlumberger’s worldwide operations.
Schlumberger rose $2.55, or 2.9 percent, to $90.96 at 4:15 p.m. in New York.