Investors in Ensco (NYSE:ESV)may be a little nervous right now because CEO Daniel Rabun, the man who has led Ensco through a spectacular transformation in the rig industry, has announced his retirement. In the eight years that Rabun has been at the head of the company, Ensco has gone from an almost exclusively jackup rig company to an elite ultra-deepwater company that is now going head-to-head with industry leader Seadrill (NYSE:SDRL).

So what does the incoming CEO, whose name hasn't yet been announced, need to do to keep Ensco running on all cylinders? Tune into the video below to see what contributor Tyler Crowe suggests the new CEO should do to keep pace with Seadrill and how investors should analyze the incoming leader.

Fool contributor Tyler Crowe has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Seadrill. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.