Schlumberger’s Board of Directors have appointed Olivier Le Peuch as the company’s new CEO and member of the Schlumberger Board, starting from August 1, the company said in a statement.

The current non-independent director, Mark G. Papa, will become non-executive Chairman of the Board, while Peter Currie will continue to serve as the Board’s Lead Independent Director.

Le Peuch will succeed Paal Kibsgaard, who will step down after more than 22 years of service to the company, including eight years as CEO and four years as Chairman, and will hand the position to Le Peuch on the same day.

“Olivier possesses the Company’s values, an in-depth knowledge of our business, and a proven industry track record—all together, he is ideally suited to lead Schlumberger into the next chapter of our history,” Kibsgaard commented.

Le Peuch has held various experience in global management under his belt, including the positions of Executive Vice President, Reservoir & Infrastructure; President of the Cameron product lines; President of Schlumberger Completions; and Vice President of Engineering, Manufacturing and Sustaining.