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Michel Vaillaud, president of Schlumberger Ltd. since December, 1982, was elected Wednesday as chairman of the oil-field services and semiconductor company, succeeding Jean Riboud.
New York-based Schlumberger said its board of directors selected Vaillaud, 53, at a meeting requested by Riboud, 65, who has been chief executive since 1965. Vaillaud also will continue to serve as president.
Riboud will continue to serve as a director of Schlumberger and as a member of the executive committee.
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