Baker Hughes appoints Ahmed Moghal as CFO, emphasizing growth and strategic transformation after Nancy Buese's departure.
Quiver AI Summary
Baker Hughes Company has announced the appointment of Ahmed Moghal as the new Chief Financial Officer, taking over from Nancy Buese, who will transition to a strategic adviser role before leaving the company in April 2025. Moghal, who previously served as CFO of the company's Industrial & Energy Technology (IET) division, brings over two decades of finance experience and deep knowledge of the company's operations. Baker Hughes CEO Lorenzo Simonelli emphasized the significance of this leadership change, highlighting Moghal's expertise in driving profitable growth and enhancing financial performance as the company enters the next phase of its strategic transformation. The company reaffirmed its positive financial outlook for 2025, which includes solid EBITDA growth and substantial free cash flow returns to shareholders.
Potential Positives
- Appointment of Ahmed Moghal as CFO is indicative of Baker Hughes' commitment to strategic transformation and growth, utilizing his deep-domain knowledge to drive profitable growth.
- Company reaffirms strong financial outlook, projecting solid EBITDA growth and a target of 20% EBITDA margin for key segments in upcoming years.
- Clear commitment to returning 60% to 80% of free cash flow to shareholders demonstrates a focus on shareholder value enhancement.
Potential Negatives
- Departure of former CFO Nancy Buese may raise concerns about leadership stability and continuity during a key phase of transformation.
- Despite the announcement of a new CFO, the company may face investor anxiety about the execution of its strategic growth plans, particularly given the recent leadership change.
- The transition period for leadership may disrupt operational effectiveness as the company aims to achieve ambitious EBITDA growth targets for 2025 and beyond.
FAQ
Who has been appointed CFO of Baker Hughes?
Ahmed Moghal has been appointed as the CFO of Baker Hughes, effective immediately.
What was Ahmed Moghal's previous role at Baker Hughes?
Before becoming CFO, Moghal served as the chief financial officer of the Industrial & Energy Technology business.
What is Baker Hughes' outlook for 2025?
Baker Hughes expects solid EBITDA growth and aims for a 20% EBITDA margin for its OFSE segment in 2025.
What will happen to Nancy Buese after her CFO role?
Nancy Buese will transition to a strategic adviser role and depart the Company on April 30, 2025.
What are Baker Hughes' key business focuses under Moghal's leadership?
The focus will be on profitable growth, leveraging the IET portfolio, and enhancing growth in mature assets solutions.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BKR Insider Trading Activity
$BKR insiders have traded $BKR stock on the open market 8 times in the past 6 months. Of those trades, 0 have been purchases and 8 have been sales.
Here’s a breakdown of recent trading of $BKR stock by insiders over the last 6 months:
- MARIA C BORRAS (EVP, Oilfield Services & Equip) has made 0 purchases and 2 sales selling 75,250 shares for an estimated $3,282,190.
- NANCY BUESE (EVP & Chief Financial Officer) has made 0 purchases and 5 sales selling 25,000 shares for an estimated $968,010.
- JAMES E APOSTOLIDES (SVP, Enterprise Op Excellence) sold 7,681 shares for an estimated $358,318
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$BKR Hedge Fund Activity
We have seen 460 institutional investors add shares of $BKR stock to their portfolio, and 389 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- JPMORGAN CHASE & CO added 10,576,392 shares (+14.6%) to their portfolio in Q4 2024, for an estimated $433,843,599
- CLEARBRIDGE INVESTMENTS, LLC removed 4,296,179 shares (-61.3%) from their portfolio in Q4 2024, for an estimated $176,229,262
- FIL LTD removed 3,472,273 shares (-17.8%) from their portfolio in Q4 2024, for an estimated $142,432,638
- NEUBERGER BERMAN GROUP LLC added 3,193,089 shares (+2527.6%) to their portfolio in Q4 2024, for an estimated $130,980,510
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- BLACKROCK, INC. removed 2,623,847 shares (-2.7%) from their portfolio in Q4 2024, for an estimated $107,630,203
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Full Release
Experienced Baker Hughes finance leader will play key role in
driving next phase of strategic transformation and growth
HOUSTON and LONDON, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Baker Hughes Company (NASDAQ: BKR) (“Baker Hughes” or the “Company”) on Monday announced that Ahmed Moghal, a highly experienced finance leader who currently serves as chief financial officer (CFO) of our Industrial & Energy Technology (IET) business, has been appointed CFO of the Company, effective immediately. Prior to IET, Moghal held senior positions in various business and corporate roles. In this role, he succeeds Nancy Buese, who, by mutual agreement with the Company, ceased to serve as CFO effective today.
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.”
He 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-yearearnings conference callon 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.
With Moghal’s appointment, Buese will move to a strategic adviser role and will depart the Company on April 30, 2025.
Simonelli added, “We are grateful to Nancy for the important role she played in executing on key pillars of the first phase of our transformation, including driving operational efficiency and achieving cost reduction objectives to deliver enhanced margin growth and shareholder returns. We wish her all the best in her future endeavors.”
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.
About Baker Hughes:
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
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
