Noble Corporation CEO Unexpectedly Resigns

In an unexpected announcement oil and gas services provider Noble Corporation NE (NYSE) said that Mark A. Jackson has resigned as chairman, president and chief executive, effective immediately, and will be replaced on an interim basis by William A. Sears. Sears has been a director of the company since January 1998. He has more than 40 years of experience in the oil and gas industry and retired from his position as director of operations for British Petroleum Exploration in 1997.

Jackson joined Noble in September 2000 as Senior Vice President and CFO, and was promoted to Chief Operating Officer in March 2005. He was named President of the company in February 2006 and appointed as CEO in October last year. In April this year he was named as Chairman of the company's board. According to a piece in MarketWatch, Lawrence Chazen, a member of the board is quoted as saying,

"He's moving on for personal reasons," said Chazen, an investment advisor in Monterey, Calif. "His family's in Dallas and he'd been with us for a long time, and I just think he maybe wants to move back to Dallas." Chazen said he was "surprised" by Jackson's resignation.

It is difficult to determine the reason behind the surprise announcement. Earlier in the summer, Noble announced an internal investigation of its Nigerian operations to determine whether one of its affiliates paid bribes for permits to move rigs into Nigerian waters. The company said that its probe would focus on the legality under the U.S. Foreign Corrupt Practices Act or FCPA, as well as under local laws.

Noble is a solid company but investors should keep a close eye on coming events as the company works to find a new CEO.

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Reuters last Wed.