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Cheney Resigns As Halliburton CEO

July 25, 2000 GMT

DALLAS (AP) _ Former Defense Secretary Dick Cheney stepped down Tuesday as chairman of the board and CEO of Halliburton Co. hours before Texas Gov. George W. Bush announced Cheney as his running mate on the GOP ticket.

During a special meeting, the company’s board of directors accepted Cheney’s resignation effective Aug. 16. The board then tapped Halliburton president David J. Lesar to succeed Cheney as chairman and CEO of the Dallas-based company.

Cheney, who joined Halliburton in 1995, said, ``Having worked closely with Dave Lesar and the Halliburton management team over the past five years, I have great confidence for the future success of Halliburton.″


Cheney and Lesar have worked in tandem to grow Halliburton into the world’s largest oilfield services and products company. The company, which now has roughly 100,000 employees in 130 countries, has doubled its employment and market capitalization under their leadership.

Lesar said Tuesday he plans to continue the course set by Cheney.

UBS Warburg analyst Byron Dunn predicted that Wall Street would look favorably upon the ascension of Lesar, who joined the company in 1993 as executive vice president and chief financial officer of Halliburton Energy Services. Lesar later served in a variety of senior management positions, including executive vice president and chief financial officer of Halliburton and president and CEO of the company’s engineering and construction division, Brown & Root Inc.

Dunn says Cheney has set the long-term course for Halliburton, and Lesar translated his vision into action, handling the day-to-day operations of the company.

Lesar described Cheney as a consistent, decisive leader with ``the highest integrity.″

``If there’s one thing I grew to appreciate about the man over those five years, it is how important that is, not only for being a good CEO but for being a good leader,″ he said.

Halliburton, founded in Oklahoma 81 years ago, is divided into three segments: energy services, engineering and construction services and Dresser Equipment Group.

Shares of Halliburton were at $42.25, up 56.2 cents, or 1.3 percent, at the end of regular trading Tuesday on the New York Stock Exchange.