The board of French seismic specialist CGG has appointed Sophie Zurqzuyah to replace Jean-Georges Malcor, who had planned to step down as chief executive after the completion of the company’s extensive restructuring.
Zurqzuyah’s posting should become effective after approval at its annual general meeting on 26 April, according to CGG.
The new chief executive joined the company in 2013 after 22 years in the oil services industry, including time with US-listed giant Schlumberger.
Zurqzuyah holds two master’s degrees, one in numerical analysis and one in aerospace engineering.
At CGG, she has served as chief operating officer and senior executive vice president in charge of the geology, geophysics and reservoir division, which covers subsurface imaging, geo-software, consulting and the multi-client data library.
“With the appointment of Sophie [Zurqzuyah] as chief executive officer and the recent co-optation of new directors, the board has now completed the process of renewing its governance. The board is convinced that with Sophie, CGG will get a CEO with a strong knowledge of the company and the industry that will be able to lead the CGG Group successfully for years to come,” CGG chairman Remi Dorval said.
“The board would like to take now this opportunity to thank Jean-Georges for his exceptional leadership at CGG and his outstanding contribution during the financial restructuring of the company.”
Malcor, who has served eight years as CEO, will continue to manage the company until Zurqzuyah takes over in April. But he will remain as an advisor to her until his planned retirement in October.
In December 2017, Malcor and CGG announced his decision to step down after the Paris Commercial Court approved the company’s restructuring plan. A large number of departures of CEOs under similar circumstances have been common during the widespread financial restructurings in the offshore downturn.
CGG used the restructuring to slash about $2bn out of net debt of $2.65bn.
