Transocean Ltd. (NYSE: RIG), the world’s largest offshore drilling contractor, said today that its Executive Vice President and Chief Financial Officer, Ricardo Rosa, will step down from the position effective January 9, 2012 before retiring in April. Rosa has been in the position since September 2009. Meanwhile, Gregory Cauthen, who was previously CFO of the company for nearly eight years, will act as Interim CFO until a permanent replacement can be found.
“On behalf of Transocean I offer my sincere thanks to Ricardo for his many years of service to the company and wish him all the best in his future endeavors,” said Transocean CEO, Steven Newman in an online statement.
Cauthen served most recently as a consultant to Transocean from September 2009 through August 2010 and was CFO of the company from December 2001 to August 2009. He was also Treasurer of the Transocean from March 2001 until July 2003 and served as Vice President of Finance from March 2001 to December 2001. Mr. Cauthen holds a Masters in Accounting degree from the University of Florida, Gainesville.
Transocean says an executive search firm has been hired to find a permanent replacement for Rosa.
Transocean’s stock has lost 46% of its value in the last year.