Houston-based Halliburton Co. announced Jan. 2 that its latest leadership succession is complete.
Dave Lesar retired from the executive chairman role on Dec. 31, and Halliburton President and CEO Jeff Miller added the chairman of the board title Jan. 1, according to a press release.
Robert Malone remains lead independent director of Halliburton’s board of directors, per the release. His duties include serving as a liaison between the independent directors and the chair, approving agendas for board meetings, presiding over meetings and executive sessions of the independent directors and leading the board’s annual evaluation of the CEO.
"I appreciate the confidence that the board has placed in me,” Miller said in the release.
“Halliburton has a 100-year legacy of delivering industry leading returns and superior customer service, and I am honored to lead our company as we continue that tradition."
Lesar’s retirement had been planned due to company policy. In fact, Lesar was on the 2010 committee that installed a mandatory retirement age for company executives at 65 years old.
Additionally, Lesar recently told the Houston Business Journal that he would completely sever his ties with the company as part of his retirement.
“That was my idea,” he told HBJ. “I believe that Jeff (Miller) deserves to be the leader and representative face of the organization. I feel that I’ve left behind an excellent management team.
It’s their turn to take the stage. I think a CEO has to completely get off the stage to allow their successors to make a go of it. I am so associated as the leader of Halliburton, it’s just not fair to everyone else for me to stick around.”
Oil field services giant Halliburton is No. 8 on the Houston Business Journal's 2018 Largest Houston-Based Public Companies List, based on its 2017 revenue of $20.62 billion. The company also reported a 2017 net loss of $463 million and 52,833 employees worldwide.