Boart Longyear's CFO is now its new chief executive

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Drilling services company Boart Longyear has appointed Jeff Olsen, its chief financial officer, as CEO.

A short time ago, the company’s shares were up 1.5% to $0.068.

Olsen spent 18 years at Rio Tinto in the US and the UK before joining Boart Longyear as CFO in 2014.

“Our team will continue to prioritise the creation of long-term shareholder value,” Olsen says. “We will do this by driving operational efficiencies in the business and optimising commercial practices to deliver value for our customers.”

Marcus Randolph, who has been acting as CEO, will remain as executive chairman.

Olsen, whose base salary is $US600,000 plus short and long term incentives, faces a shrinking business following the global decline in the resources sector.

Today the company announced a full year statutory loss of $326 million and a 15% drop in revenue to $735 million.

Cost cutting included a 20% fall in the number of employees to 4725.

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