UPDATE 1-Smith International CFO to leave this month
* Margaret Dorman served as Smith CFO for a decade
* Ex-Schlumberger veteran William Restrepo to replace her
SAN FRANCISCO, Oct 1 (Reuters) - Oilfield services company Smith International Inc (SII.N) said Chief Financial Officer Margaret Dorman would leave on Oct. 16, after a decade in the job, and be replaced by a former Schlumberger executive.
"Margaret has played an important role in the company's growth and development," said Chief Executive John Yearwood, who spent 28 years at Schlumberger Ltd (SLB.N) before moving to Smith in 2008 and taking on the top job at the start of 2009.
Dorman, 45, would be retiring from the company and receive a lump sum severance payment of nearly $2.7 million, Houston-based Smith said in a statement on Thursday.
Her replacement is William Restrepo, 50, who most recently worked as CFO of Houston-based seismic data provider Seitel after working at Schlumberger, the world's largest oilfield services company, for 20 years in various positions.
Smith has been shedding jobs in response to a sharp slowdown in North American drilling activity, and Dorman had said in April that more cuts would be required after cutting 10 percent of staff earlier in the year.
The company now says it has more than 21,000 employees, down from 25,700 at the end of 2008. (Reporting by Braden Reddall; Editing Bernard Orr)
