Baker Hughes Appoints Ahmed Moghal as New CFO; Nancy Buese Departs

Baker Hughes Co. (BKR) announced Monday that Ahmed Moghal has been appointed as the new chief financial officer (CFO), effective immediately. Moghal succeeds Nancy Buese, who, by mutual agreement with the company, ceased to serve as CFO effective today. Buese will move to a strategic adviser role and will depart the company on April 30, 2025.

Moghal, a highly experienced finance leader, currently serves as senior vice president and CFO of the company's Industrial and Energy Technology (IET) business since 2023. Prior to this role, he held senior positions in various business and corporate roles. Moghal's extensive experience within Baker Hughes and his role as CFO of the IET business equip him to drive the company's strategic transformation and growth in his new position.

Lorenzo Simonelli, Baker Hughes chairman and chief executive officer, said, "The news we are announcing today reflects the substantial progress Baker Hughes has made in executing our strategic transformation. Reflecting on the financial successes achieved during Horizon 1, we drove record results last year while taking key actions across the Company to significantly expand margins. As we progress into the next horizon, our focus remains on driving profitable growth across the Company as we further exploit our versatile IET portfolio, leverage growth across the natural gas and LNG value chain, scale our new energy and digital businesses, and drive enhanced growth in mature assets solutions."

Simonelli continued, "As we embark on this next phase of growth, it is crucial to have a CFO with deep-domain knowledge across both business segments, a track record of fostering collaboration and strong financial performance, and a comprehensive understanding of our growth strategy. As part of his previous roles in Baker Hughes, and as well as currently leading free cash flow efforts across the Company, Moghal has developed unique insights into our business and broad portfolio that will ensure we efficiently allocate capital to drive profitable growth while remaining focused on continuous margin improvement. We are confident he is the right person to help us deliver on our financial objectives and support a culture of innovation and a growth mindset across the Company."

The company reaffirmed its first-quarter and full-year 2025 outlook shared during its 2024 fourth-quarter and full-year earnings conference call on Jan. 31, 2025. This includes projecting another solid year of EBITDA growth, achieving a 20% EBITDA margin for its OFSE segment in 2025 and the IET segment in 2026, and committed to returning 60% to 80% of free cash flow to shareholders.

Moghal has served as senior vice president & CFO of the Industrial and Energy Technology business of Baker Hughes since 2023. Prior to this role, he was appointed as the financial planning & analysis leader at the time of the merger of Baker Hughes and GE Oil & Gas in 2017. In his more than two decades of experience, Moghal has worked in several industries globally, driving performance across multiple business models and cycles. He started his career in GE in the Financial Management Program and subsequently Corporate Audit Staff.

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:
Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com
Media Relations
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

In conclusion, Baker Hughes' appointment of Ahmed Moghal as the new CFO, with his extensive experience within the company and his role as CFO of the IET business, positions the company well to navigate the evolving energy landscape and drive strategic transformation and growth. The company's reaffirmed financial outlook and commitment to returning free cash flow to shareholders demonstrate its confidence in Moghal's ability to lead the company's financial strategy.