Oilfield services firm Hunting today announced its chairman would step down next month after 26 years in the role.
Richard Hunting will be succeeded by John "Jay" Glick from 1 September. Glick joined the company as a non-executive director in 2015 and served on the audit nomination and remuneration committees.
Hunting will remain on the board as a non-independent, non-executive director. He was elected as deputy chairman in 1989 and became chairman in 1991.
The FTSE 250 firm's stock fell to its lowest point in a year. Shares were down 5.33 per cent to 380.67p.
Earlier this month, Hunting named chief operating officer Jim Johnson as its new chief executive. It also reported it narrowed its loss in the first half as the shale boom in the US continued to drive demand.
John Hofmeister, senior independent director and non-executive director at Hunting, said:
It is a key time for Hunting following the recent announcement of the appointment of Jim Johnson as the group's new chief executive.
Jay's extensive knowledge of the oil industry will ensure continued stability as the group continues on its return to growth.