Seadrill Ltd (NYSE: SDRL) is off to an incredible start to the trading session today, and for good reason. It was announced that the CEO of the company has made the decision to resign. This ultimately led to excitement among investors, causing the stock to skyrocket and our partners at Trade Ideas to alert us to the gains. At the moment (10:09), SDRL is trading at $0.63 per share after a gain of $0.04 per share or 6.21% thus far today.
SDRL CEO, Per Wullf, Resigns
As mentioned above, Seadrill is having an incredibly strong day in the market today after the company’s Board of Directors announced that Per Wullf has made the decision to resign as CEO. As a result, his tenure as CEO at the company will come to an end at the end of June. However, he will remain a Director of the company. In his place, Anton Dibowitz will take on the position as the new CEO of the company. In a statement, Per Wullf, CEO and President of SDRL had the following to offer…
“I am immensely proud of my time at Seadrill, first as Chief Operating Officer and for the past four years as Chief Executive Officer. After 37 years in this fascinating industry, I want to reduce my day to day work commitments and spend more time at home in Denmark. As Seadrill is approaching key milestones for the company’s restructuring, the time is right to inform all stakeholders that I will not lead Seadrill in the company’s next era and hand over to Anton, who will make an excellent CEO. I would like to thank everyone at Seadrill for their support, passion and tenacity over the years and I look forward to our continued journey together.”
The above statement was followed up by Anto Dibowitz, the incoming CEO. Here’s what he had to say…
“I am deeply honored that the Board has appointed me to succeed Per as Chief Executive Officer of Seadrill. We have a world class business with high quality people, a young and modern fleet and strong client relationship. There are short term challenges to overcome in Seadrill and the industry but I look forward to playing my part in returning Seadrill to growth, together with the great team we have working here.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SDRL. In particular, we’re interested in watching to see how Dibowitz will perform as CEO of the company. We’re also keeping a close eye on the oil sector, with OPEC meeting relatively shortly, we could see some big movement ahead. Nonetheless, we’ll continue to follow the story and bring the news to you as it breaks!
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