Schlumberger has named current chief operating officer Olivier Le Peuch as its new chief executive as the oilfield services company also splits off the chairman role, writes Eoin O’Cinneide.

Paal Kibsgaard, who has led as chief executive for eight years and chairman for four, is retiring from 1 August after 22 years with the company.

Taking over the role of chairman will be Mark Papa, founder and chairman of US shale giant EOG Resources. Papa will, however, only have a non-executive brief at Schlumberger.

Asked about the decision to split the chief executive and chairman roles, Kibsgaard told analysts: “The split of the office at this stage is the same as what we did when I took over. And what the board decides to do going forward, I think will be up to the board.”

Lead independent director Peter Currie said: “Paal navigated the company through the worst downturn in the history of the industry and set us on the right course to win in a different landscape.”

Le Peuch has been at Schlumberger for 32 years, holding several roles, including president of product lines at the Cameron business unit.

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Le Peuch set to take over from Kibsgaard