Schlumberger Ltd. has recruited a familiar face to be its new chief legal officer, former deputy general counsel and director of compliance Dianne Ralston.
Ralston stepped down Oct. 1 as legal chief at international oilfield services rival TechnipFMC PLC.
She will take over at Schlumberger from Alexander Juden, who has spent the past decade as the company’s Houston-based general counsel and corporate secretary.
A Schlumberger spokeswoman confirmed to Bloomberg Law that Juden will step down from the general counsel role and remain secretary through the first quarter of 2021, after which he will retire from the company.
Juden, who prior to practicing law spent seven years as an aviator in the U.S. Navy, joined Schlumberger as a litigation counsel in 2000. He preceded Ralston as director of compliance in 2005 and was promoted to general counsel in April 2009. Juden didn’t respond to a request for comment.
Ralston also didn’t respond to inquiries about her new role at Schlumberger. She was replaced by Victoria Lazar as TechnipFMC’s legal chief last month.
At Schlumberger, which has its executive offices in Houston, London, Paris, and The Hague, Netherlands, Ralston joins a company grappling with a dramatic downturn in the global energy sector. The industry has been battered by decreased demand for fuel during the coronavirus pandemic.
In September, Schlumberger made waves by fleeing North America’s slumping shale market through an agreement to sell a hydraulic fracturing unit to Liberty Oilfield Services Inc. The move followed a July announcement that Schlumberger would shed 21,000 workers—about one-fifth of its workforce—amid oil patch woes.
Juden was not listed among Schlumberger’s top six highest-paid executives in 2019, according to a proxy statement filed by the company for that fiscal year. Bloomberg data shows he owns nearly $2.4 million in Schlumberger stock.
Ralston received nearly $4.2 million in total compensation from TechnipFMC last year, with about $1.7 million of that sum in cash, according to a proxy statement. Ralston currently owns $2 million in TechnipFMC stock, per Bloomberg data.