The boss of oil services firm Hunting will retire after 16 years at the helm of the company.
Dennis Proctor will step down as chief executive and as a director of the company once a successor has been named and an appropriate handover period has taken place.
Hunting, which provides drilling tools to oil and gas producers, said it has started looking for Proctor's replacement, and both internal and external candidates are being considered.
Richard Hunting, chair of the group, said: "Over the past sixteen years, Dennis has led Hunting to achieve a wide range of business successes including shareholder value creation, strategy and portfolio simplification, excellence in quality and expansion of manufacturing capacity across the globe, positioning the company for sustained growth in future business cycles.
"His consistency in delivering higher levels of performance and his personal commitment has allowed shareholders, customers, suppliers and especially Hunting staff and managers to benefit from his leadership of the company through these years."
Shares in the FTSE 250 company were trading 2.47 per cent higher at 602.5p in the afternoon.