Geospace Technologies Corporation announced that its Chairman, President and Chief Executive Officer, Mr. Gary D. Owens, will retire from his positions as President and Chief Executive Officer effective December 31, 2013. Mr. Walter R. (Rick) Wheeler, the company's current Executive Vice President and Chief Operating Officer will assume the role of President and CEO effective January 1, 2014. Mr. Owens will remain on the company's board of directors and will continue to serve his current role as its Chairman.

Mr. Wheeler has 16 years of experience with the company and has served in senior engineering and executive management roles. Mr. Wheeler brings 29 years of industry and company experience with him. Rick Wheeler became the company's Executive Vice President and Chief Operating Officer in 2012.

Mr. Wheeler had been a design engineer with the Company since 1997. Prior to 1997, Mr. Wheeler worked for thirteen years as a design engineer at Input/Output Inc.