UPDATE 1-Diamond Offshore CEO Lawrence Dickerson to retire
* Company says a successor expected to be found by March 31
* Russell Reynolds Associates hired to search for new CEO
Sept 24 (Reuters) - Diamond Offshore Drilling Inc said Chief Executive Lawrence Dickerson would retire once a successor is found, expected by March 31.
Dickerson, 60, has been with the company for 34 years, becoming chief executive in May 2008.
He has been a director since March 1998, before which he was the chief operating officer.
Diamond Offshore, which has a market value of $8.75 billion, is majority owned by conglomerate Loews Corp, which has presence in hotel, energy and financial services.
Diamond Offshore had reported a higher-than-expected profit for the second quarter in July.
The company has hired Russell Reynolds Associates to search for a new CEO.
Diamond Offshore shares closed at $62.95 on the New York Stock Exchange on Monday.