Weatherford International president and chief executive Bernard Duroc-Danner is leaving the company after nearly 30 years.

Duroc-Danner was hired by Weatherford in 1987 and became chief executive in 1998, according to his Bloomberg biography.

No reason was given for his departure, which was announced Wednesday with immediate effect.

The company's share price spiked 32% on the news. Energy stocks already got a boost Wednesday from Donald Trump's surprise victory in the US presidential election.

Weatherford chief financial officer Krishna Shivram will take over as interim chief executive.