Steven L. Newman

Steven L. Newman (born c. 1967) is an American businessman.[1][2] He served as the President and Chief Executive of Transocean[1][2] until February 16, 2015.

Biography

Early life

Steven Newman received a Bachelor of Science degree in petroleum engineering from Colorado School of Mines in 1989 and an M.B.A. from the Harvard Business School.[2][3]

Career

He joined Transocean in 1994 in the Corporate Planning Department. He became Chief Operating Officer on October 16, 2006.[2][3] He was Executive Vice President of Performance for 2007-2008.[2][3] He became President in May 2008 and Chief Executive Officer on March 1, 2010.[2][3]

On 15 February, 2015, Transocean announced that he and the board of directors mutually agreed that he would step down effective the following day.[4][5]

On 25 June, 2015, The Wall Street Journal published an article that pointed out Newman was the worst-performing executive in the 300 companies it examined. His 2014 compensation went up 2% to 14.2 million dollars at a time his firm's market value declined 60%.[6]

References

  1. 1 2 Forbes
  2. 1 2 3 4 5 6 Bloomberg BusinessWeek
  3. 1 2 3 4 Transocean Inc. "Transocean :: Steven L. Newman". Deepwater.com. Retrieved 2010-06-17.
  4. ↑ Transocean Inc. "Transocean Ltd. Announces Departure of CEO". Deepwater.com. Retrieved 2015-02-16.
  5. ↑ "Transocean CEO Steven Newman quits following $2.2 billion quarterly loss". Petro Global News. Retrieved 18 February 2015.
  6. ↑ Lubin, Joann (25 June 2015). "How Much the Best-Performing and Worst-Performing CEOs Got Paid". Wall Street Journal. Retrieved 22 April 2016.
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