HOUSTON (AP) — Parker Drilling has named former Baker Hughes executive Gary Rich as its president and CEO, the drilling contractor said Monday.
Rich succeeds Robert L. Parker Jr., who took on the president and CEO positions in March when the Parker Drilling announced that David Mannon was leaving to pursue other interests. At that time the Houston company said that Parker would serve as president and CEO until it found a permanent replacement.
Parker remains as executive chairman.
Rich, whose appointments take effect on Oct. 1, will also become a board member.
He most recently served as vice president of global sales for Baker Hughes and previously served as the company's president of European operations. Rich was also the president of Hughes Christensen Co., which is a Baker Hughes unit.
Parker Drilling closed at $4.33 on Friday. They are down 43 percent from a 52-week high of $7.62 in early January.They traded as low as $3.60 last October.