CEO Retirement and Succession Plan
RPC, Inc. (NYSE: RES) experienced a 2.8% decline in after‑hours trading on Tuesday following the announcement that President and Chief Executive Officer Ben M. Palmer will retire by the end of 2026. Palmer, who has spent 30 years with the oilfield‑services firm—including a tenure as Chief Financial Officer and Treasurer beginning in 1996 and as President and CEO since 2022—will step down from both his executive role and the Board of Directors. He will remain on the Board until a successor is appointed or until December 31 2026, whichever occurs first, and will continue in an advisory capacity to support the transition.
The Board has launched a search for Palmer’s replacement and will engage an independent search firm to identify candidates possessing operational excellence in oilfield services, a focus on growth, and the ability to maintain the company’s financial strength. The search is expected to be concluded before the end of the calendar year.
Executive Chairman Richard A. Hubbell praised Palmer’s contributions, stating he has been instrumental across every corner of RPC, strengthening the financial foundation, advancing strategic priorities, and positioning the company to compete effectively in the dynamic oilfield‑services sector. Lead Independent Director Patrick J. Gunning highlighted that the transition reflects the Board’s careful approach to succession planning and that Palmer’s continued involvement will help ensure continuity for employees, customers, and shareholders.