Ensco plc (NYSE: ESV) announces that Chairman, President and CEO Dan Rabun (photo) has decided to retire after nearly eight years of service. Mr. Rabun will continue to serve in his current role as Chairman, President and CEO until the Board of Directors has completed the succession process and a new CEO has been appointed. To assist with the new CEO's transition, Mr. Rabun will remain Chairman through at least the 2014 Annual General Meeting.

Mr. Rabun's planned retirement from the CEO role has been part of the Board's succession planning process for more than a year. A special committee chaired by Paul Rowsey, the Board's Lead Director, is directing the succession process. This committee has been working with Heidrick & Struggles International Inc., a leading executive recruiting firm, and is considering both external and internal candidates.

"Dan has made many contributions to the success of our Company - especially his unwavering passion to further advance safety and operational excellence," said Mr. Rowsey. "Over the past eight years revenue and stockholders' equity have more than quadrupled, dividends have grown from $0.10 to $3.00 per share annually and we are now among the largest and most well-respected offshore drillers."
Mr. Rowsey concluded, "We are grateful that Dan will facilitate a smooth transition as we complete the succession process."

Mr. Rabun commented, "I have truly enjoyed leading Ensco over the past eight years. We have a highly-talented management team and exceptionally dedicated employees who have made our many achievements possible. In particular, I am especially proud that we have taken our safety performance to an even higher level. Our new CEO will benefit, as I have, , from our employees' commitment to go beyond expectations in everything they do."