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Halliburton names new CEO

Longtime chief Lesar will step into executive chairman role as president Jeff Miller gets promoted

Halliburton's longtime chief executive Dave Lesar will retire at the end of this month and be replaced as head of the oilfield services giant by current president Jeff Miller.

Miller, a Halliburton board member since 2014, was unanimously elected Halliburton's next chief executive by the company's board of directors. He will take over from 1 June.

Lesar, who has served as Halliburton's top dog since taking over from Dick Cheney when the latter was nominated as George W Bush's vice-presidential running mate in 2000, will continue on as executive chairman.

Miller, 53, will provide day-to-day leadership and management, while Lesar will focus more on the "strategic direction" of the company in an advisory role. Lesar "will be actively engaged with shareholders and continue working with customers", Halliburton said.

He will also be advising the Halliburton management team and transitioning CEO responsibilities to Miller who will then continue reporting to Lesar, the company said.

Lesar will hit the company's mandatory retirement age of 65 at the end of 2018 and will then be subject to a four-year non-compete clause.

"I have been fortunate to work directly with Dave for many years and to learn from him as we execute and deliver industry-leading returns by serving our customers and growing our revenue and margins," Miller said. "I look forward to leading our organisation as we continue to collaborate and engineer solutions to maximise asset value for our customers."

Lesar added: "I have known and worked with Jeff for almost 30 years and have great confidence that he is the best choice to be the next Halliburton CEO."

Miller, who had been widely assumed to succeed Lesar, will inherit a company pulling out of a brutal downturn that claimed thousands of jobs and whittled down profit margins.

Although his long tenure is generally considered to have been a success, its role in the 2010 Macondo disaster in the Gulf of Mexico was widely criticised; the failed merger with Baker Hughes several years later marked another low point.

Miller joined Halliburton in 1997 and has since served in several leadership roles, including chief operating officer until 2014 when he was named president. He is also a member of the board of directors for driller Atwood Oceanics.