Pride International reports that William E. Macaulay, the chairman of Pride's board of directors, is retiring from the board effective as of the 2005 annual stockholders meeting scheduled for May 12, 2005. Mr. Macaulay, the Chairman and Chief Executive Officer of First Reserve Corporation, has been a director of Pride since First Reserve's first investment in the company in July 1999. He became Pride's Chairman of the Board in June 2003. Paul A. Bragg, President and Chief Executive Officer commented, "Bill Macaulay has been a major contributor to the growth and development of the Company during his time on the board and leaves us well positioned to excel in the future." Pride's Nominating and Corporate Governance Committee is recommending to the full board that David A.B. Brown, the current chairman of Pride's Audit Committee, become Chairman of the Board effective upon Mr. Macaulay's retirement.
In addition, the Nominating and Corporate Governance Committee is recommending to the board that Archie W. Dunham, former Chairman of the Board of ConocoPhillips and former Chairman, Chief Executive Officer and President of Conoco Inc., be nominated to stand for election as a director at the 2005 annual meeting. Mr. Bragg added, "We are extremely fortunate to have someone with the industry experience and stature of Archie Dunham joining our board at this time, and we look forward to working with him."