Ensco (VAL) is now in the hunt for a new chief executive. The London-based company announced that the man currently in that position, Dan Rabun, has decided to retire. He will continue to serve in the job, as well as that of president, until a successor is found. He will also remain in his post of board chairman through at least the 2014 annual general meeting, to assist with the transition to a new CEO.
A special committee of the board has been convened to direct the succession process. The company said it has been working with executive search firm Heidrick & Struggles International to assist it.
Rabun has been Ensco's leader for almost eight years. In the press release announcing his imminent departure, the company said that during his tenure, revenue and shareholder equity both more than quadrupled, and dividends rose from an annual rate of $0.10 per share to the current $3.00.
He leaves the company on a high note. In its most recently reported quarter, it posted record revenues and net profit. These figures were $1.27 billion and $381 million ($1.62 per share), respectively. Both were notably higher than the year-ago quarter's top line of $1.12 billion and net of $345 million ($1.48).
