Rabun will continue to serve in his roles until the company’s board appoints his replacement, Ensco announced Wednesday.
He will also remain as board chairman until at least the company’s 2014 annual general meeting, to assist in the new CEO’s transition.
“Over the past eight years revenue and stockholders’ equity have more than quadrupled, dividends have grown from $0.10 to $3.00 per share annually,” said Paul Rowsey, the board’s lead director and head of the succession process.
The Ensco board is working with Heidrick & Struggles International Inc. to find Rabun’s successor.
Follow me on Facebook