Boart Longyear CEO resigns

Craig Kipp has stepped down as CEO of drilling services company Boart Longyear. Following his unexpected resignation, chairman David McLemore will serve as executive chairman and acting CEO while a search for a successor gets underway.

Mr McLemore said, "The board would like to thank Mr Kipp for his leadership and accomplishments. During his tenure with Boart Longyear, Craig has led the company's transformation into the global industry leader and standard setter it is today. Among his accomplishments, Craig has cultivated a deep, talented and experienced management team that is well positioned to lead the Company's future success."