Transocean shareholders elected Merrill A. "Pete" Miller, Jr., to its board of directors, the company announced on 22 September 2014. Miller’s selection was previously announced in July.
The board intends to designate Miller as vice chairman. As previously announced, it is anticipated that Ian C. Strachan, the current chairman of the board, will retire from the board at the end of his term. The board currently expects to recommend that shareholders elect Miller as chairman at Transocean’s 2015 annual general meeting (AGM).
Miller currently serves as the executive chairman of NOW Inc., a spinoff of the distribution business of National Oilwell Varco (NOV). Prior to this role, Miller served as president and chief executive officer of NOV and as chairman of the board. Miller is also a director of Chesapeake Energy Corp. and served as president of Anadarko Drilling Co.
Miller graduated from the US Military Academy and received his MBA from the Harvard Business School.
In July, Transocean’s board said it believes Miller's extensive industry and senior management experience will be of significant value to the company.
Shareholders also approved the board's proposal to reduce the maximum number of directors to 11 from 14. As a temporary exception, a maximum number of 12 members is permitted to allow Miller and the existing directors to serve until the end of the 2015 AGM, when their full term of office expires.