Halliburton announced today the following change to its executive management team.
Cris Gaut, president of the Drilling and Evaluation Division, has requested early retirement from the Company. The Compensation Committee of the Company's Board of Directors has approved this request and authorized an agreement that, if not revoked by Mr. Gaut, will become effective April 8, 2009.
"We owe Cris a great deal of gratitude as he helped lead us through several major initiatives, namely closing the chapters in Halliburton's history related to asbestos litigation and the ultimate separation of KBR from our core energy services business," said Dave Lesar, Chairman, President and Chief Executive Officer.
Gaut served as Halliburton's Executive Vice President and Chief Financial Officer from March 2003 to January 2008 when he became President of the Drilling and Evaluation Division.
"On behalf of Halliburton employees around the world, we wish Cris the very best in his future," added Lesar.
"We have stated our commitment to continue delivering exceptional solutions and services to our customers as well as deliver value to our shareholders and manage our costs given the current economic environment," added Lesar, "and we will take this opportunity to further streamline our operational efficiencies."
Following Gaut's retirement, Tim Probert will return to the Drilling and Evaluation Division as its President, while also retaining his responsibilities for leading Halliburton's technology, supply chain management, and mergers and acquisitions activity. A 25-year industry veteran, Probert will serve as Halliburton's President of the Drilling and Evaluation Division and Corporate Development.
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