Halliburton Co. said May 17 that CEO Dave Lesar will retire on June 1 and be replaced by Jeff Miller, Lesar’s longtime deputy and fellow board member.
Lesar will stay on as executive chairman until December 2018 when he reaches the company’s mandatory retirement age of 65. The transition, which was expected, comes as Halliburton tries to recover from a two-year oil price downturn that has eroded profit margins and forced the company to lay off thousands of workers.
Lesar, who became CEO after predecessor Dick Cheney was nominated to be U.S. vice president in 2000, will step back from day-to-day company management but still be involved in talks with customers and shareholders. He signed a new employment contract with the company through the end of 2018 that will prohibit him from working for peers for another four-year period.
Miller joined Halliburton in 1997. Like Lesar, he is an accountant by training. He assumes the top role after Halliburton lost its long-time CFO, Mark McCollum, who left in March to become CEO at Weatherford International Plc.