Transocean to Appoint Miller to Board
Transocean Ltd. said it is to convene an Extraordinary General Meeting (EGM) of Shareholders September 22, 2014, in Zug, Switzerland, to approve Miller's appointment as follows:
Assuming Miller is elected by shareholders at the EGM, the board intends to designate him as Vice Chairman.
Transocean explained that Ian C. Strachan, the current Chairman of the Board, will reach 72 years of age before the 2015 Annual General Meeting (AGM). In accordance with the company's Corporate Governance Guidelines, it is anticipated thathe will retire from the board at the end of his term at the 2015 AGM. The board currently expects to recommend that shareholders elect Miller in his place as Chairman at the 2015 AGM.
Miller is the Executive Chairman of NOW Inc., a spinoff of the distribution business of National Oilwell Varco, Inc., a supplier of oilfield services and equipment to the oil and gas industry.
Prior to assuming this role, he served as President and Chief Executive Officer of National Oilwell Varco and as Chairman of the Board. He is also a Director of Chesapeake Energy Corporation and served as President of Anadarko Drilling Company.
Miller graduated from the United States Military Academy and received his MBA from the Harvard Business School.
Transocean will also recommend the reduction in the maximum size of the Board to 11 members from 14.