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Transocean names its chairman-in-waiting

Billionaire Carl Icahn
Billionaire Carl Icahn

Transocean has named the man it expects to become its next chairman.

Current chairman Ian Strachan is poised to retire at next year’s annual general meeting, the international drilling giant  said.

It added: “The board currently expects to recommend that shareholders elect Mr (Pete) Miller as chairman at the 2015 AGM.”

Transocean, recently targeted by activist investor Carl Icahn, also announced that an extraordinary general meeting will be held in Zug, Switzerland, on September 22.

Shareholders will be asked to support Mr Miller’s election to the board, and he will then become vice-chairman until Mr Strachan steps down.

Mr Miller is currently executive chairman of National Oilwell Varco distribution spinoff NOW, which supplies oilfield services and equipment to the energy industry, and a director of Chesapeake Energy Corporation.

He was previously president, chief executive and chairman of National Oilwell Varco.

His other past roles include president of Anadarko Drilling Company and senior management positions at energy exploration and production company Helmerich and Payne.

Transocean, which is also proposing a reduction in the maximum size of its board to 11 members, from 14, said: “The board believes Mr Miller’s extensive industry and senior management experience will be of significant value to the company.”

The leaner board is in line with what Mr Icahn recently pushed for as he sought greater influence over the Switzerland-based company.

Last November, the billionaire businessman used a 6% stake in Transocean to garner boardroom support for raising dividends and profit margins through cost-cutting and efficiency savings.

His part of the agreement included a pledge to restrict his moves on the firm, which employs hundreds of people out of Aberdeen.

He had previously snapped up more than 60million shares in Canadian oil giant Talisman Energy.