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Houston-based Schlumberger says that 64-year-old Andrew Gould will officially step down as CEO on August 1. He will continue to serve as chairman until the company’s annual shareholder meeting next April.

Schlumberger Ltd. says chief operating officer Paal Kibsgaard will replace Gould as CEO. Its board expects to name independent lead director Tony Isaac as chairman.

An Associated Press analysis shows Gould received compensation valued at about $14.5 million last year -- a particularly challenging time for the industry. The US shut down deepwater drilling in the Gulf of Mexico for several months after a rig blowout killed eleven people and led to the largest offshore oil spill in American history.