FMC Technologies Inc. (FTI) said Monday that Chief Executive Pete Kinnear will hand off the reins of the deepwater oil and gas technology company to current President and Chief Operating Officer John T. Gremp.

Gremp's appointment will be effective Tuesday, the company said. Gremp, 59 years old, who was named the company's president and COO last April, joined FMC Technologies in 1975 as a financial analyst.

Company officials didn't immediately respond to requests for comment on Kinnear's retirement.

Kinnear, who was hired by FMC in 1971, became its chief executive in March 2007. In October 2008, he was appointed chairman of the company's board, a role he will retain through October, the company said Monday.

Eliecer Palacios, an energy analyst for Maxim Group, an investment bank, said the transition's timing is good because the company is "enjoying a good environment for deep-water drilling overseas, with particular momentum in Brazil."

Gremp, Palacios said, "has a great track record" in his three decades with FMC, running three of the company's divisions and spending time in Asia and the Middle East, and is the "best candidate to succeed Kinnear."

Houston-based FMC designs, manufactures and services subsea production and processing equipment for oil and gas producers.

FMC shares recently were down 21 cents, or 0.2%, to $92.43.

-By Ryan Dezember, Dow Jones Newswires; 713-547-9208; ryan.dezember@dowjones.com
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