HOUSTON (AP) -- The executive chairman at Park Drilling, the grandson of the company's founder, will become chairman at year's end, as he shifts to a part-time position on the board.
Robert L. Parker Jr., 64, was CEO and president for 18 years, and has been with the company for 40 years in all.
The company explained Monday that the executive chairman is a full-time position, which Parker is rotating out of, to become chairman.
At the company's annual stockholders meeting next year, CEO Gary Rich will be nominated to take Parker's place, and Parker will be nominated to stand for re-election as a director for an additional three-year term.
Shares of Parker Drilling Co. rose 3 cents to $7.10 in midday trading.