At a Glance

  • Baker Hughes announced on Monday that it has appointed Ahmed Moghal, the finance leader of its Industrial and Energy Technology (IET) business, as the company's new Chief Financial Officer (CFO), effective immediately, succeeding Nancy Buese. Buese had held the financial reins for just over two years.
  • Buese was appointed CFO in 2022. About a month ago, the Houston-based company announced it would streamline its organizational structure as part of a "strategic transformation" that established two reporting segments: Oilfield Services & Equipment and IET.
  • CEO Lorenzo Simonelli said in a press release that as the company enters its "next phase of growth," a CFO with "deep domain knowledge of both segments, a track record of driving collaboration and strong financial results, and a comprehensive understanding of the company's growth strategy" is crucial. "We believe Moghal is the right person to help us achieve our financial goals, support a culture of innovation, and foster a growth mindset across the company," he said.

In-Depth Analysis

Moghal, 43, joined Baker Hughes in 2017 as Senior Vice President of Financial Planning & Analysis, and served in that role until he became CFO of the IET business in January 2023. According to his LinkedIn profile, he previously spent about eight years at GE Oil & Gas, where he served twice as CFO, and earlier held various roles in GE's corporate division.

As Baker Hughes CFO, his compensation includes a base salary of $750,000, along with a target bonus opportunity equal to 100% of his base salary, with payouts based on company and individual performance. According to a securities filing, he will also receive a "make-whole" equity award related to his promotion, with a grant-date value of $2.12 million, consisting of time-based restricted stock units and performance-based restricted stock units.

Buese previously served as CFO of Newmont Mining, a Denver-based gold producer. According to the filing, she entered into a separation agreement with the company, which provides that her employment terminated "without cause" on Monday, and she will transition to serve as an advisor to the company's Chairman and CEO until April 30.

She will receive a monthly consulting fee of $200,000 and, upon signing and not revoking a general release of claims, will receive severance and benefits, including a lump-sum cash payment equivalent to 12 months of salary, as well as outplacement services for 12 months.

A company spokesperson said in an email that Buese's departure was the result of a "mutual agreement," and the company "thanks Nancy for her significant role in executing key pillars of the first phase of transformation, including driving operational efficiency and achieving cost-reduction targets to enhance margin growth and shareholder returns."

In January, the company reported record annual revenue of $27.8 billion for 2024, up 9% year-over-year, with GAAP net income attributable to Baker Hughes of $2.979 billion, compared to $1.943 billion in the prior year. On Monday, the company also reaffirmed its first-quarter and full-year 2025 outlook provided during its fourth-quarter earnings call on January 31.

Editor's Note: This story has been updated with comments from Baker Hughes.