Helmerich & Payne Inc. (NYSE:HP) chairman and CEO Hans Helmerich will transfer his CEO responsibilities to John W. Lindsay following the conclusion of the company’s Annual Meeting of Stockholders on March 5, 2014. Helmerich will retire as an employee of the company at that time, remaining as chairman of the board of directors. Lindsay currently serves as the company’s president and COO.
Helmerich commented, "This is part of a plan I initiated with the Board over four years ago. It matches a personal goal of serving 25 years as the company's CEO and then transitioning into another role. I am honored the Board has asked me to remain as Chairman. I look forward to having additional time to pursue family and personal interests.
Lindsay joined the company in 1987 as a drilling engineer. He has since served in various positions including operations manager for the company's Mid-Continent region and vice president, US
Land Operations, for Helmerich & Payne International Drilling Co. Lindsay was appointed executive vice president, US and International Operations in 2006 for the company's wholly-owned subsidiary, Helmerich & Payne International Drilling Co., and became executive vice president and COO of the company in 2010. In 2012, Lindsay was promoted to president and COO of Helmerich & Payne Inc. and was appointed by the board of directors as a director of the company.
Helmerich will facilitate the transition through a consultancy agreement for a period of three years. He will not receive a severance payment related to his retirement.
Helmerich & Payne Inc. is a large land and offshore platform drilling contractor. The company's fleet includes 300 land rigs in the US, 29 international land rigs and nine offshore platform rigs. The global fleet of 329 land rigs includes 300 H&P-designed and operated FlexRigs(R).