![]() Lorenzo Simonelli will be presenting at the Barclays CEO Energy-Power Conference today at 12:40 PM ET. The Company will continue to execute on its strategic priorities with a goal of improving returns, generating strong free cash flow, and delivering value and returns to shareholders. “I want to thank our departing leaders for their significant contributions towards delivering our strategy as they pursue new opportunities.”Īmidst a very dynamic backdrop, Baker Hughes continues to work diligently to enhance operational execution and re-shape the organization. We could not have achieved our goals without the commitment and perseverance of our entire leadership team,” said Lorenzo Simonelli. “Three years ago we set out on a bold ambition to be an energy technology company and take energy forward. He previously served as SVP of enterprise excellence and has been with the Company for 23 years. ![]() Apostolides will oversee the Company’s consolidated Supply Chain Centers of Excellence Health, Safety, Environment, and Quality (HSEQ) and Environmental, Social, and Governance (ESG) functions. Jim Apostolides is senior vice president (SVP) of enterprise operational excellence, a newly-created role to drive better coordination and alignment of key operational areas.Christie previously served as EVP of TPS since 2017. Borras previously served as EVP of OFS since 2017. Maria Claudia Borras is executive vice president (EVP) of OFSE.This transformation is the next step in the Company’s journey to create the pre-eminent energy technology company, positioning for the changes unfolding across the energy landscape.īaker Hughes will also be making changes to its management team reporting to Lorenzo Simonelli. Industrial & Energy Technology (IET) integrates the current Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS) product companies.Īfter identifying OFSE and IET as the two broad business areas in 2021, Baker Hughes has carefully evaluated all aspects of the Company’s long-term strategy, its corporate performance, organizational structure, and the market outlook across its businesses.Oilfield Services & Equipment (OFSE) integrates the current Oilfield Services (OFS) and Oilfield Equipment (OFE) product companies. ![]() Effective October 1, the Company will be formally restructured into two reporting business segments: “Our updated structure will allow us to deliver the technologies that the energy transition will demand by further strengthening our existing customer relationships and allowing more operational flexibility, maintaining size and scale to maximize technology investments and capital returns to our shareholders.”īaker Hughes is restructuring its four product companies to focus on two reporting business segments and streamlining its corporate structure, which is expected to deliver at least $150 million in cost savings and form the baseline for further margin improvement. Today, we are taking a deliberate next step in our strategic journey to transform and simplify our operations and position Baker Hughes for the future,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “We have continuously looked to ensure Baker Hughes can operate in any environment and play a clear role in helping to address the Energy Trilemma – balancing energy security, sustainability, and affordability. These changes will simplify operations, enhance profitability, and drive growth, meeting customer needs and producing solutions in the rapidly evolving energy and industrial markets. ![]() 06, 2022 (GLOBE NEWSWIRE) - Baker Hughes Company (NASDAQ: BKR) (“Baker Hughes” or the “Company”) has announced it is restructuring and simplifying its organization and accelerating its strategic transformation. Expecting to deliver at least $150 million in cost reductions, maximizing shareholder value.Accelerating strategic transformation to simplify and improve operations, enhancing profitability while positioning for growth with customers across energy and industrial markets.Establishing two reporting business segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET).
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