Layne Christensen Co. has announced that the firm’s long-time CEO Andrew Schmitt informed the board of directors of his intention to retire at the end of the fiscal year, ending Jan. 31, 2012. The plan of succession for Schmitt will be for Rene Robichaud to assume the position of president on Sept. 6. Robichaud will assume the additional role of CEO upon Schmitt's retirement. Schmitt will continue to serve on Layne Christensen's board of directors.
have spent 18 years, almost half my business career, at Layne Christensen
Company and enjoyed every day," says Schmitt. "The company has
accomplished so much during that period, especially when I think back to the
small water well drilling company I joined in 1993.
the dedicated efforts of all our employees in every company, as well as our
partners in the Latin American-affiliated companies, such success would not
have been possible. I have been at the helm through many good and a few bad
times, but always with the strong support of our management, employees and
partners. This week, I will be with our Latin American partners for the
Smithsonian's grand opening of the Chilean Miners Rescue Exhibit. That joint
effort produced the most important event in our long and colorful history. I
could work another 18 years, and never come close to sharing an experience such
as the rescue with all of our people. No one could ask for more."
a graduate of Harvard
has served as a director of Layne Christensen since January 2009, and during
that time period has served on Layne's Compensation and Nominating &
Corporate Governance committees. Robichaud is a seasoned expert in strategy and
business development. During his 15-year career in investment banking, Rene
helped hundreds of companies think strategically and grow profitably. Most
recently, he served as president and CEO of NS Group Inc., a publicly traded
manufacturer of oil country tubular goods, which he helped grow from $150
million to $1.5 billion in enterprise value. In addition, Robichaud was a
managing director at Salomon Smith Barney and a principal at Morgan Stanley.
deeply honored to be elected as president, and to follow Andy as the next CEO
of Layne Christensen Company. I look forward to working with the company's
talented management team and employees, many of whom I have had the opportunity
to get to know over the past two and one-half years," says Robichaud.
"Andy has had a long and successful career, and enjoys the respect of his
peers, competitors and employees. I am particularly pleased that Layne
Christensen Company will continue to benefit from his years of
further states, "I am confident Rene will continue the proud legacy of
both Layne and Christensen, two names that trace their industry leading roots
back over 125 years ago. I am very pleased Rene is willing and excited to
deepen his commitment to our company."
Layne Christensen CEO to Retire
August 4, 2011