The New York-listed company's board of directors said it and Newman had “mutually agree that he will step down as president and chief executive” as of Monday, and that he had also elected to resign from the board.
Chairman Ian Strachan is to become interim chief executive while a permanent replacement is sought by the Swiss-headquartered rig owner.
Strachan praised Newman’s track record as chief executive during the company’s “most challenging period in its history” over the past five years.
Newman
