Schlumberger, the world's largest oilfield services firm, will reshuffle top executives and operations in coming months to deal with this year's historic decline in the oil industry, according to a memo to employees.
- Schlumberger, the world’s largest oilfield services firm, will reshuffle top executives and operations in coming months to deal with this year’s historic decline in the oil industry, according to a memo to employees.
The changes will be implemented in phases and are designed to forge “a leaner, simplified and more responsive organization,” Chief Executive Olivier Le Peuch said in the memo dated on Wednesday and reviewed by Reuters.The shakeup comes as oil prices have nearly halved this year to $33 a barrel as the COVID-19 pandemic slashed demand and oilfield spending. Schlumberger has cut hundreds of jobs, reduced executive pay by at least 20% and put some low-tech units up for sale.
Le Peuch, who took over last July, named two deputies to run the business and regional operations groups. The new top managers will be in place by July 1, he wrote. Executive Vice President of Operations Khaled Al Mogharbel will become Executive Vice President of Geographies, heading the regional operations group and its sales and commercial teams.
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