Schlumberger CEO retiring, replacement named

NEW YORK The Houston company said Thursday that 64-year-old Andrew Gould will officially step down as CEO on Aug. 1. He will continue to serve as chairman until the company's annual shareholder meeting next April.

Schlumberger Ltd. says Chief Operating Officer Paal Kibsgaard will replace Gould as CEO. Its board expects to name independent lead director Tony Isaac as chairman.

An Associated Press analysis shows Gould received compensation valued at about $14.5 million last year -- a particularly challenging time for the industry. The U.S. shut down deepwater drilling in the Gulf of Mexico for several months after a rig blowout killed 11 people and led to the largest offshore oil spill in American history.

Schlumberger shares rose 12 cents to $88.53 in premarket trading.

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