UPDATE 1-Schlumberger CFO Simon Ayat to be replaced by Stephane Biguet

Schlumberger NV's chief financial officer, Simon Ayat, is stepping down after nearly 12 years in the role and will be replaced by Stephane Biguet, the oilfield services provider said on Tuesday.

A 24-year company veteran, Biguet is currently serving as vice president-finance and his appointment comes months after Chief Operating Officer Olivier Le Peuch took over the top job. The management changes come as a cut in spending by U.S. oil and gas producers hit the company and other oilfield services suppliers, forcing some to cut jobs and divest assets.

Le Peuch has wielded an ax to the company's asset-heavy businesses, taking a $12.7 billion charge last quarter. He has also has vowed to exit unprofitable businesses, restructure some units and focus on returns and outlined plans to accelerate digital investments and to restructure and rename one of former CEO Paal Kibsgaard's major initiatives that invested in and ran customer oilfields.

Ayat will remain with the company as a senior strategic adviser to the chief executive officer for two years, the company said. 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)