Oil Patch Bits: Nabors director, Martin J. Whitman, to retire

Nabors Industries Ltd. said April 29 that Martin J. Whitman intends to retire from its board of directors at the conclusion of his current term, which expires at the company’s annual general meeting of shareholders on June 7. Whitman has served as a director since 1991 and as lead director since 2002.

“Marty has been an invaluable member of our Board since 1991. Marty’s critical role in Nabors’ success precedes his tenure as a director,” said Gene Isenberg, Nabors chairman and CEO. “I am also delighted to announce that our board has decided to name Marty a Director Emeritus in honor of his long-standing and critical contribution to the success of Nabors.”

Nabors also announced that the board has appointed John Yearwood to succeed Whitman in his roles as lead director and on each of its Audit, Compensation and Executive committees upon Whitman’s retirement. Yearwood served in senior executive roles at Schlumberger Ltd. and, most recently, as chief executive officer of Smith International Inc. until its sale to Schlumberger.