Hunting CEO to retire in 2017 after 16 years in charge

Hunting chief executive Dennis Proctor will step down from the role in 2017 once a replacement has been appointed, the oilfield services provider announced on Friday.

Proctor, who has led the FTSE 250-listed group since 2001, will remain in the role until a handover process has been completed.

Hunting has already begun the process find an appropriate successor, casting the net out among both internal and external candidates. Mr Proctor will remain as Chief Executive until the appointment is made and an appropriate handover period has taken place.

Chairman Richard Hunting said: "Over the past sixteen years, Dennis has led Hunting to achieve a wide range of business successes including shareholder value creation, strategy and portfolio simplification, excellence in quality and expansion of manufacturing capacity across the globe, positioning the company for sustained growth in future business cycles.

"His consistency in delivering higher levels of performance and his personal commitment has allowed shareholders, customers, suppliers and especially Hunting staff and managers to benefit from his leadership of the company through these years."

In March's full year results announcement, Proctor said that, while the balance sheet had been repaired over the last year, Hunting remained focused on cost controls and aligning its operations with the short-term outlook.

For opening months of 2017 some operating losses were incurred, however the company is expected to move back to monthly profitability later in the year, "subject to a continuing recovery across the whole market".