The company also said John Gibson, CEO of its Energy Services Group, will leave to find a job at another company. Halliburton said Lane's promotion will "further consolidate and focus" customer service and strategy, as well as oversight of operations.
The move comes on the heels of a bankruptcy judge's clearance of a
final settlement that paves the way for Halliburton to shed an asbestos-tainted division that has hurt the company for years. The settlement will bring in more than $1.5 billion from scores of insurance carriers to pay claimants seeking asbestos-related damages from Kellogg Brown & Root and other Halliburton subsidiaries.
"With the imminent conclusion of the KBR bankruptcy process, we will target our focus and energy on improving performance in both business units, and we will continue to weigh our portfolio decision regarding KBR," CEO Dave Lesar said late Thursday. "It's time to shift day-to-day operations to a chief operating officer so I can focus on the long-term growth and advancement of the business. Andy Lane is a proven leader who delivers extraordinary leadership skills to both the Energy Services Group and KBR."
Halliburton said it will no longer have business unit CEOs, and the vice presidents of the ESG and KBR divisions will report to Lane.
On Thursday, Halliburton fell $1.24 to $38.61.