Transocean CEO steps down, dividend slashed on oil slump

Vernier

THE chief executive of Transocean, one of the world's top offshore drilling companies, is stepping down and the company is slashing its dividend as business slows on tumbling crude oil prices.

Transocean said on Sunday that chairman Ian Strachan, who previously held executive positions at Exxon Mobil and Rio Tinto PLC, will serve as interim chief executive officer until a replacement is found for departing CEO Steven Newman.

Transocean's shares…