Oilfield services firm Parker Drilling Company said its president, CEO and director, Gary Rich, will retire later this year.
The Houston-based company, which completed a financial restructuring earlier this year, said Rich will remain in his current roles for an interim period until a successor is found.
Parker Drilling Chairman Eugene Davis noted, "Parker Drilling owes a tremendous debt of gratitude to Gary Rich, who oversaw a disciplined strategy to refocus the Company and maintain a strong reputation for reliability, innovation and efficiency amid one of the most challenging markets in the Company's history. Gary led the Company through the industry downturn and successfully worked closely with several stakeholders to put the Company on the right path for the future."
Davis continued, "With a solid financial foundation, we look forward to pursuing opportunities for profitable growth while maintaining a strict focus on capital returns as we enter the next chapter in Parker's history."