Parker Drilling CEO on way out

Houston-based drilling services company Parker Drilling has informed that its CEO Gary Rich has decided to retire from his roles as President, Chief Executive Officer, and Director of Parker Drilling later this year.

Parker Drilling said on Monday that Rich plans to remain in his current roles for an interim period to support a smooth transition. The board of directors will engage a search firm to conduct a search for a permanent successor.

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.”

President and CEO Gary Rich stated, “It has been one of my greatest honors to work with the talented and hardworking team at Parker. Together we have offered some of the industry’s most innovative solutions and solved some of our clients’ toughest challenges, despite a difficult industry environment.”

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