Helmerich & Payne Inc.NYSE:HP) announced today that, effective upon the conclusion of the
annual meeting of Stockholders on March 5, 2014, Chairman and CEO Hans
Helmerich will be retiring as an employee of the company and transferring his chief executive officer responsibilities to John W. Lindsay, who currently is the company's President and COO.
Helmerich will remain Chairman of the Board of Directors.
Helmerich commented, "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. I
am honored the Board has asked me to remain as Chairman. I look forward to having additional time to pursue family and personal interests.
"I am confident John Lindsay will do a great job as CEO and that he and the management team will lead the company in an exemplary manner. I am
pleased to say the Company is ready now and very well-positioned, not only to complete a successful and smooth leadership transition, but to
continue to lead our industry in the years ahead. In fact, as we look out into 2014 and beyond, I have never been more confident in the
company's future. I am deeply appreciative of the opportunity I have been afforded in my 33 years at the company and very proud of all our employees and their many accomplishments."
John Zeglis, H&P's longest serving independent Director commented, "For nearly 25 years, we have watched Hans lead his team in creating strategies that steadily enlarged the Company's earnings and, remarkably, at the same time, multiplied market share until H&P became
the nation's leading land driller. He has accomplished this through a leadership style born of deep-rooted personal values. We are confident that John Lindsay and the management team will continue to build on the
Lindsay, 52, joined the company in 1987 as a drilling
engineer. He has since served in various positions including operations manager for the company's Mid-Continent region and Vice President, U.S.
Land Operations, for Helmerich & Payne International Drilling Co.
Lindsay was appointed Executive Vice President, U.S. and International Operations in 2006 for the company's wholly-owned subsidiary, Helmerich
& Payne International Drilling Co., and became Executive Vice President and Chief Operating Officer of the company in 2010. In 2012, Lindsay was promoted to President and Chief Operating Officer of
Helmerich & Payne, Inc. and was appointed by the Board of Directors as a director of the Company.
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