Baker Hughes Announces New CFO Appointment
HOUSTON and LONDON — Baker Hughes Company (NASDAQ: BKR) has officially appointed Ahmed Moghal as the new Chief Financial Officer. Moghal, who has been instrumental in the organization’s financial strategies as the CFO of Industrial & Energy Technology (IET), steps into this pivotal role immediately. His vast experience within Baker Hughes and in various significant financial positions equips him well for the challenges ahead.
Leadership Transition and Strategic Importance
The transition comes as the company continues to pursue its ambitious strategic transformation agenda. Lorenzo Simonelli, the chairman and CEO of Baker Hughes, emphasized the importance of Moghal’s leadership in this critical phase of growth. The decision to elevate Moghal reflects confidence in his ability to optimize financial performance while further pursuing the company’s operational objectives.
Continued Growth and Financial Performance
Simonelli highlighted the financial achievements Baker Hughes has made under its previous operational strategies and believes that Moghal’s deep understanding of both the IET and the broader business will be paramount as they move forward. The aim is to build on the successes of the past while innovating for the future, ensuring that Baker Hughes maintains its competitive edge.
Focus Areas for the New CFO
Moghal's track record of fostering collaboration and driving financial performance will be essential as Baker Hughes seeks to enhance customer solutions, particularly in the natural gas and LNG sectors. The company plans to leverage its digital capabilities and the new energy initiatives while continuing to enhance performance in mature asset solutions.
Impact on Shareholder Value
Baker Hughes reaffirmed its financial outlook, including expectations of solid EBITDA growth in the upcoming quarters. The strategy includes maintaining a strong EBITDA margin and committing to return a significant portion of free cash flow to shareholders. Moghal will play a key role in these initiatives to deliver sustained stakeholder value.
Career Highlights of Ahmed Moghal
Before taking on the CFO role, Moghal has shown remarkable leadership qualities as the senior vice president of the IET segment since 2023. His journey in Baker Hughes began during the merger with GE Oil & Gas, where he led financial planning and analysis. With over two decades of experience in multiple industries and business models, Moghal started his career in GE's Financial Management Program, positioning him for the high-level financial responsibilities that lie ahead.
Looking Towards the Future
As Moghal transitions into the CFO position, Nancy Buese will serve as a strategic adviser until her departure from Baker Hughes. Simonelli expressed gratitude for Buese's contributions, especially in enhancing operational efficiency and achieving key financial objectives during her tenure, and he wished her well in her future endeavors.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is a leading energy technology company committed to advancing both industrial and energy solutions globally. With years of experience and operations in over 120 countries, Baker Hughes focuses on making energy safe, efficient, and environmentally friendly. The company is dedicated to innovation, sustainability, and providing top-tier service in the energy sector.
Contact Information
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
Frequently Asked Questions
Who is Ahmed Moghal?
Ahmed Moghal is the newly appointed Chief Financial Officer of Baker Hughes, previously serving as CFO of the Industrial & Energy Technology segment.
What are Baker Hughes' recent financial goals?
The company aims to achieve solid EBITDA growth and maintain a strong EBITDA margin while intending to return a significant portion of free cash flow to shareholders.
What role will Nancy Buese take after stepping down?
Nancy Buese will transition to a strategic adviser role until her departure from the company on April 30, 2025.
What experience does Ahmed Moghal bring to his new position?
Moghal has over 20 years of experience in financial leadership across multiple sectors and played a crucial role in financial planning during the Baker Hughes and GE Oil & Gas merger.
How does Baker Hughes plan to drive growth moving forward?
The company plans to leverage its technology and services in natural gas, LNG, and new energy solutions to enhance performance and shareholder value.
