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Transocean announces departure of CEO

Staff writer |
Zug, Switzerland - February 17, 2015, Zug, Switzerland - Transocean Ltd., an offshore drilling company, announced that Steven Newman has stepped down as president and chief executive officer.




Additionally, Mr. Newman has elected to resign as a Director of Transocean Ltd. Before beginning his current position in March 2010, Mr. Newman served as President and Chief Operating Officer from mid-2008 to late 2009 and subsequently as President.

Mr. Newman's prior senior management roles included Executive Vice President of Performance, Executive Vice President and Chief Operating Officer, Senior Vice President of Human Resources, Information Process Solutions, and Treasury, and Vice President of Performance and Technology.

He also has served as Regional Manager for the Asia and Australia Region and in international field and operations management positions, including Project Engineer, Rig Manager, Division Manager, Region Marketing Manager and Region Operations Manager. He joined the company in 1994 in the Corporate Planning Department.

Mr. Newman holds a Bachelor of Science degree in Petroleum Engineering from the Colorado School of Mines and an MBA from the Harvard University Graduate School of Business.

Until a permanent replacement is named, Ian Strachan, Chairman of the Board of Transocean Ltd., will also serve the company in the role of Interim Chief Executive Officer.

Mr. Strachan has served as a Director of the company since 1999 and as Chairman of the Board since May 2013. His extensive experience includes serving as Chairman of the Board of Instinet Group Incorporated and as a director of several companies, including Xstrata plc; Rolls Royce Group plc; Reuters plc; and Johnson Matthey plc.

Mr. Strachan began his career with Exxon Corporation, where he spent 16 years. He went on to serve as Rio Tinto plc's Chief Financial Officer for four years and ultimately the company's Deputy Chief Executive Officer from 1991 to 1995. He then served as Chief Executive Officer of BTR plc for three years beginning in 1996.

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