Frank’s International Executive Chairman Keith Mosing has retired from his role as board chairman at the oil services company his grandfather started in 1938, the company announced.

Mosing’s resignation was effective Dec. 31, the company said in a news release posted on the company’s website that says the change “represents the planned orderly transfer of leadership of the company.”

The change comes one year after Mosing relinquished the job of president and chief executive officer to former Chevron executive Gary Luquette.

Even without the title of CEO, Mosing, 65, had remained the company’s executive chairman and kept a full-time role.

Frank’s said board member Michael C. Kearney will assume the role of executive board chairman.

“Mr. Mosing will remain on the supervisory board as a director, but he will no longer perform day-to-day activities as an employee of the company,” the company said.

Luquette, who was raised in Abbeville, is the first Frank’s CEO without the last name of Mosing. Frank’s officials said in January 2015 that Keith Mosing stepping away from chief executive was part of the company’s long-range plans.

“Through over 43 years of service to Frank’s culminating as the chairman, chief executive officer and later executive chairman and board member, his contributions have been significant in making Frank’s the company it is today,” Luquette said in the release.

“Keith pioneered the expansion of international operations of the company and personally led the operation that today operates in approximately 60 countries,” Luquette said.

Frank’s International is listed on the New York Stock Exchange. On Friday morning, shares traded in the $14 to $15 range.