Will Continue in Current Role Until CEO Succession Has Been Completed
LONDON--(BUSINESS WIRE)--
Ensco plc (NYSE: ESV) announced today that Chairman, President and CEO
Dan Rabun has decided to retire after nearly eight years of service. Mr.
Rabun will continue to serve in his current role as Chairman, President
and CEO until the Board of Directors has completed the succession
process and a new CEO has been appointed. To assist with the new CEO’s
transition, Mr. Rabun will remain Chairman through at least the 2014
Annual General Meeting.
Mr. Rabun’s planned retirement from the CEO role has been part of the
Board’s succession planning process for more than a year. A special
committee chaired by Paul Rowsey, the Board’s Lead Director, is
directing the succession process. This committee has been working with
Heidrick & Struggles International Inc., a leading executive recruiting
firm, and is considering both external and internal candidates.
“Dan has made many contributions to the success of our Company -
especially his unwavering passion to further advance safety and
operational excellence,” said Mr. Rowsey. “Over the past eight years
revenue and stockholders’ equity have more than quadrupled, dividends
have grown from $0.10 to $3.00 per share annually and we are now among
the largest and most well-respected offshore drillers.”
Mr. Rowsey concluded, “We are grateful that Dan will facilitate a smooth
transition as we complete the succession process.”
Mr. Rabun commented, “I have truly enjoyed leading Ensco over the past
eight years. We have a highly-talented management team and exceptionally
dedicated employees who have made our many achievements possible. In
particular, I am especially proud that we have taken our safety
performance to an even higher level. Our new CEO will benefit, as I
have, from our employees’ commitment to go beyond expectations in
everything they do.”
Statements contained in this press release that are not historical
facts are forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements include words or phrases such as
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”
“project,” “could,” “may,” “might,” “should,” “will” and similar words
and specifically include statements regarding Mr. Rabun’s transition
period and intention to serve as Chairman, succession planning, the
executive search and a new CEO. Such statements are subject to numerous
risks, uncertainties and assumptions that may cause actual results to
vary materially from those indicated. In addition to the factors
described above, you should also carefully read and consider “Item 1A.
Risk Factors” in Part I and “Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in Part II of
our most recent annual report on Form 10-K, which is available on the
SEC’s website at www.sec.gov
or on the Investor Relations section of our website at www.enscoplc.com.
Each forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly update
or revise any forward looking statements, except as required by law.
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. For more than 25
years, the company has focused on operating safely and exceeding
customer expectations. Ensco is ranked #1 for total customer
satisfaction with top honors in 10 of 16 categories in the most recent
annual survey by EnergyPoint Research. Operating the world’s newest
ultra-deepwater fleet and largest fleet of active premium jackups, Ensco
has a major presence in the most strategic offshore basins across six
continents. Ensco plc is an English limited company (England No.
7023598) with its registered office and corporate headquarters located
at 6 Chesterfield Gardens, London W1J 5BQ. To learn more, visit our
website at www.enscoplc.com.
Source: Ensco plc