Archer Ltd . CEO John Lechner has resigned from his position, effective immediately, the company said on March 22.

He will remain as a senior advisor to the Archer leadership team during the transition period until a new CEO is appointed. During the interim period, Archer Chairman Kjell-Erik Østdahl will assume the role of executive chairman. Archer’s strategy remains intact and the process of finding a new CEO has begun.

“On behalf of the board of directors, I would like to thank John for his leadership through a challenging period for the global oilfield service industry. I appreciate John’s contribution to Archer and wish him all the best in the future,” Østdahl said.