Longtime president and CEO Lawrence Dickerson has decided to retire from contract deepwater driller Diamond Offshore Drilling (NYSE: DO ) by early next year, the company announced today. A successor to Dickerson is expected to be named by March 31, 2014.
Commenting on his decision to retire after more than three decades with the company, Dickerson said in a statement, "Our achievements reflect the contributions of a great many men and women, and I believe that after 34 years at Diamond and 15 as President, it is time to pass the reins to a new generation."
Dickerson will remain in his post as president and CEO until a successor is found, Diamond Offshore said, to assist with the transition. The company has secured the services of an executive recruiting firm to help in its search for a new leader.
Diamond Offshore services the energy industry, utilizing its fleet of 30 semisubmersible rigs, seven jack-ups, and one drillship. Additionally, Diamond Offshore is currently constructing four ultra-deep drillships and two deepwater submersibles.