Transocean CEO's exit linked to lack of vision in tough market

jeudi 19 février 2015

Steven Newman, President and CEO of Transocean Ltd., testifies before a Senate hearing in Washington Barely two months into his new job as the head of the world's largest offshore driller, Steven Newman was steering Transocean through the 2010 Gulf of Mexico oil spill, quickly earning a reputation as a CEO with a steady hand. Newman also had to contend with two members of the 12-member board who represent activist investor Carl Icahn, who demanded a big dividend increase in 2013 and then saw it slashed by 80 percent this month in response to a sharp market downturn. For now, according to one banker and other sources, Transocean does not appear to be a takeover target because it is too large to be swallowed by nearly any one of its competitors. Newcomers, the sources said, would also have trouble gaining entry into the highly technical and risky world of offshore drilling.








via Business News http://ift.tt/1EvTWC2

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