Steven Newman stepped down as president and CEO of Transocean. Ian Strachan, chairman of the board of directors, will serve as interim CEO until a replacement is named. Strachan has served as a director of the company since 1999 and board chairman since May 2013. He began his career with Exxon, working there for 16 years before moving on to Rio Tinto, where he served as CFO and, ultimately, deputy CEO. Strachan has also worked at BTR, Instinet Group, Xstrata, Rolls-Royce Group, Reuters, and Johnson Matthey. He holds a bachelor’s degree from the University of Cambridge and a master’s degree in public affairs from the Woodrow Wilson School of Public and International Affairs of Princeton University.