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Rowan Cos.

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Rowan Promotes Operating Chief, Outlines CEO Succession Plan

Offshore-drilling company Rowan Cos. (RDC) has promoted Thomas P. Burke to the role of president, with the expectation that he will succeed W. Matt Ralls as chief executive in mid-2014.Mr. Burke will remain in his current position as chief operating officer while serving as president."When Matt became CEO in January 2009, we agreed that an orderly succession plan should be in place in about five years," said Chairman Jack Lentz. "These steps will accomplish this objective and secure Matt Ralls' continued commitment to the company's strategic direction."Mr. Burke joined Rowan in July 2011, serving as chief executive of its equipment manufacturing subsidiary LeTourneau Technologies Inc. before it was sold for $875 million later that year. He has also held roles at oilfield services company Complete Production Services, Schlumberger Ltd. (SLB) and McKinsey & Co.Rowan reported last month that its fourth-quarter profit rose 20% as additions to its fleet and higher utilization rates at exist...

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