RPC IncRES
▼ NegativeCapitalrelevance
CEO Ben Palmer announces retirement, causing leadership uncertainty and stock drop.
Impact on stocks 1
Energy
RPC IncRPC Stock Dives Nearly 12% After CEO Ben Palmer Announces Retirement
Management
RPC stock fell nearly 12% on Wednesday after the oilfield services company announced that CEO Ben Palmer is retiring before the end of this year. Palmer, who has been with RPC since 1996 and became CEO in 2022, will step down as President and CEO and leave the board of directors. The board has begun a formal search for his replacement with the help of an executive search firm, and Palmer will serve in an advisory role after a new leader is found to ensure a smooth transition. RPC credited Palmer with pushing the company into higher-margin services, expanding its presence in the Permian Basin, and delivering long-term shareholder value and profitability.
RPC IncCEO Ben Palmer announces retirement, causing leadership uncertainty and stock drop.