Transocean (NYSE:RIG) CEO Steven Newman stepped down from his role at the company on Sunday.

With Newman leaving the company, Transocean has named Chairman Ian Strachan as the temporary CEO while it searches for a permanent replacement. The company also announced that it’s cutting its dividend from $3 a share to 60 cents a share. These changes come during low oil prices, reports Reuters.

Steven Newman had been CEO of Transocean since 2010. Since he took over at the company, RIG shares have been down 76%. He joined the company back in 1994 and helped it during the Deepwater Horizon oil spill in 2010. He has also given up his role of director at the company, Reuters notes.

“As chief executive, Steven has capably guided Transocean over the last five years, demonstrating outstanding leadership through what was unquestionably the most challenging period in its history,” Strachan told The New York Times. “Transocean is well positioned to weather the current industry downturn and emerge even stronger.”

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