Smith International, Schlumberger Appoint New CEO of M-I SWACO

Smith International and Schlumberger have announced the appointment of Chris Rivers as President and Chief Executive Officer of M-I SWACO, effective January 1, 2009. Chris replaces Don McKenzie, who has served in this capacity since 2006 and will remain employed with Smith in an advisory role.

Doug Rock, Smith's Chairman and Chief Executive Officer, commented, "Under Don's leadership, M-I SWACO has made several strategic acquisitions, introduced new products and technologies and improved the division’s performance. He has developed a solid management team, which will continue to maintain the strategic direction and rapid growth of the company. Don has been outstanding throughout his tenure with Smith and I look forward to continue working with him in his new advisory position."

John Yearwood, who will become Smith's new Chief Executive Officer at the beginning of next month, added, "Chris has a broad base of financial and operating experience gained during his 30-plus year tenure with the Company, which makes him the ideal candidate to lead M-I SWACO. He joined Smith International in 1977 and served in a number of key finance positions prior to transferring to M-I SWACO as the Chief Financial Officer in 1994. For the past four years, Chris has been responsible for growing the M-I SWACO Eastern Hemisphere operations, overseeing its product segment groups and, most recently, serving as M-I's Chief Operating Officer. We're fortunate to have someone of Chris' caliber in our organization and I look forward to working with him in his new role."