HOUSTON (AFX) - FMC Technologies Inc., which offers underwater drilling and production systems to the energy industry, said Thursday that President Peter D. Kinnear will take over as chief executive on March 15, succeeding Joseph H. Netherland.
Netherland will remain FMC Technologies' chairman until Sept. 30, 2008 as part of the company's succession plan.
Kinnear, who is also chief operating officer, has been with the company and its predecessor since 1971. In addition, he is the current chairman of the U.S. National Committee of the World Petroleum Council.
FMC Technologies shares closed down $1.92, or 3.1 percent, at $60.55 on the New York Stock Exchange, where the stock has ranged between $33.80 and $71.89 over the past 52 weeks.
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