- Schlumberger (SLB +0.7%) is preparing to add former Latin American energy CEO Miguel Galuccio to its board, hoping his previous experience may help in navigating a challenging economic picture in the region.
- Galuccio, named in SLB’s proxy materials, worked 13 years for the company where he created a successful production model - tested first in Latin America - that tied customer pay to how much the company improved production - before taking the helm at Argentina’s YPF in 2012.
- Galuccio's impending return comes as SLB faces payment delays on $1.2B from Venezuela's national oil company, and Bloomberg reports that he has been asked to advise the company on how best to proceed on Venezuela going forward.
- SLB will hold its annual meeting on April 5 in Curacao, when Galuccio’s nomination is one of 12 that will be voted on.