Subsea 7 CEO to Retire
Subsea 7 announced Tuesday that Jean Cahuzac will retire from his position as CEO at the end of this year.
Cahuzac will be succeeded from January 1, 2020, by John Evans, who is currently COO, the company revealed. Following his retirement as CEO, Cahuzac will continue as a non-executive director of the company.
The outgoing CEO has been in the position since 2008 and has worked in the industry for 41 years. Cahuzac has previously held positions at Transocean and Schlumberger. Evans has been COO of Subsea 7 since he joined the company in 2005 and has over 30 years of experience in the offshore energy services sector.
“The board would like to thank Jean for his leadership over many years and the valuable contribution that he has made to the company,” Kristian Siem, Subsea 7 chairman, said in a company statement.
“We are fortunate that John Evans, who has a deep understanding of the business and a wealth of experience, will succeed Jean as CEO and the board looks forward to working directly with him,” Siem added.
Subsea 7 describes itself as a global leader in the delivery of offshore projects and services for the evolving energy industry. The company employs over 11,000 people and is active in 33 countries, according to its website.
In its second quarter results statement, which was released in July, the company reported a drop in revenue from $1.16 billion in 2Q 2018 to $958 million in 2Q 2019. Net income also decreased from $74 million in 2Q 2018 to $24 million in 2Q this year.
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