Smith International Chairman to Resign, Remain a Director

H. Moak Rollins will step down as chairman of Smith International, Newport Beach, but will remain as a director.

Rollins was appointed to the largely honorary position in January, when the oil field equipment manufacturer emerged from bankruptcy proceedings.

Robert Sutherland, who is executive vice president of Industrial Equity, will take over as the new chairman, although day-to-day operations will continue to be jointly managed by Loren Carroll, executive vice president, and Doug Rock, president and chief operating officer.

Industrial Equity Ltd., a New Zealand-based investment company, has been acquiring Smith International shares throughout this winter and spring and now controls about 25% of the company’s stock, according to Carroll.