Tulsa, Okla.-based Helmerich & Payne (NYSE:HP) is getting ready to switch CEOs.

On Wednesday, the oil driller announced that current Chairman and Chief Executive Officer Hans Helmerich will retire from his position at the conclusion of the company's annual shareholders meeting on March 5, 2014. He will be replaced at that time by Chief Operating Officer John W. Lindsay, a 26-year veteran of the company, who will assume the CEO's post.

Commenting on the succession, Helmerich noted that: "This is part of a plan I initiated with the Board over four years ago. It matches a personal goal of serving 25 years as the Company's CEO and then transitioning into another role." Helmerich will remain chairman of the company.

According to a filing with the SEC, Helmerich & Payne intends to set Lindsay's new compensation level "at a later date."