Schlumberger names company vet Le Peuch as new COO

|About: Schlumberger Limited (SLB)|By:, SA News Editor

Schlumberger (SLB -2.2%) selects 32-year company veteran Olivier Le Peuch as its new COO, effective immediately.

Le Peuch most recently was Executive VP of Reservoir and Infrastructure, responsible for the management of the Cameron product lines, including OneSubsea, as well as some of SLB's leading technology products lines.

The appointment marks the formal beginning of CEO succession, "earlier than we expected given [CEO Paal Kibsgaard's] age (51) and the recent downturn," Jefferies analyst Brad Handler writes.

"Some investors have expressed frustration over Schlumberger’s strategic direction and may view succession planning as a move to shift the company’s focus," Cowen analysts say.

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