TULSA, Okla., Aug. 21, 2013 (GLOBE NEWSWIRE) -- Helmerich & Payne Inc. (NYSE:HP) announced today that, effective upon the conclusion of the Annual Meeting of Stockholders on March 5, 2014, Chairman and CEO Hans Helmerich will be retiring as an employee of the Company and transferring his chief executive officer responsibilities to John W. Lindsay, who currently is the Company's President and COO. Mr. Helmerich will remain Chairman of the Board of Directors.
Mr. Helmerich commented, "This is part of a plan I initiated with the Board over four years ago. It matches a personal goal of serving 25 years as the Company's CEO and then transitioning into another role. I am honored the Board has asked me to remain as Chairman. I look forward to having additional time to pursue family and personal interests.
"I am confident John Lindsay will do a great job as CEO and that he and the management team will lead the Company in an exemplary manner. I am pleased to say the Company is ready now and very well-positioned, not only to complete a successful and smooth leadership transition, but to continue to lead our industry in the years ahead. In fact, as we look out into 2014 and beyond, I have never been more confident in the Company's future. I am deeply appreciative of the opportunity I have been afforded in my 33 years at the Company and very proud of all our employees and their many accomplishments."Mr. John Zeglis, H&P's longest serving independent Director commented, "For nearly 25 years, we have watched Hans lead his team in creating strategies that steadily enlarged the Company's earnings and, remarkably, at the same time, multiplied market share until H&P became the nation's leading land driller. He has accomplished this through a leadership style born of deep-rooted personal values. We are confident that John Lindsay and the management team will continue to build on the Company's brand."