As revealed in its April 15 filings with the US Securities and Exchange Commission, Transocean Ltd. has signed an agreement with Ian C. Strachan to continue serving as the company’s interim CEO. Strachan was appointed as interim CEO in February, replacing Steven Newman, who served as Transocean’s CEO from March 2010 until Feb. 16.
Pursuant to the terms of the agreement, Strachan will receive a gross monthly base salary of $235,000. Additionally, he will not participate in the company's performance award and cash bonus plan or in the Transocean’s long-term incentive plans, and and will not be eligible to receive expatriate allowances. The agreement specifies that the compensation Strachan receives in his capacity as current chairman of the company's board of directors will not be impacted by the compensation he will receive as interim CEO.
Strachan has served as a director of the company since 1999 and as chairman of the board of directors since May 2013. His experience includes serving as chairman of the board of Instinet Group Inc. and as a director of several companies, including Xstrata plc, Rolls Royce Group plc, Reuters plc, and Johnson Matthey plc. He began his career with Exxon Corp., where he spent 16 years. He went on to serve as Rio Tinto plc's CFO for four years and ultimately as the company's deputy CEO from 1991 to 1995. Strachan then served as CEO of BTR plc for three years beginning in 1996. He received a bachelor's degree from Cambridge University and a Master of Public Affairs degree from the Woodrow Wilson School of Princeton University.
Research firm Evercore ISI is assisting Transocean is its search for a new CEO. Strachan is expected to retire as board chairman before Transocean’s 2015 annual general meeting on May 15, when Pete Miller, former National Oilwell Varco (NOV) chairman, president, and CEO, is expected to be appointed as board chairman. Miller stepped down as CEO and president of NOV in February.