Baker Hughes Inc. (NYSE: BHI) announced changes to its organizational structure and senior leadership team on May 25. The changes follow the company’s May 2 announcement of its plans to simplify its business structure in order to reduce costs and to enhance its commercial strategy.
This followed the May 1 announcement that BHI had agreed to break off a merger agreement with Halliburton Co. (NYSE: HAL).
With the most recent announcement, BHI said it is consolidating its previous regional operations structure into one global organization with “responsibility for driving outstanding operational performance, exceptional service and sales execution, as well as delivering strong operating profits.”
Belgacem Chariag, who was most recently the company’s vice president and chief integration officer, will now serve as president of global operations.
BHI is also combining its technology and global products and services (GPS) organizations to create one global organization responsible for strengthening the company’s technology commercialization and investment strategy. Art Soucy, previously president of the company’s Europe, Africa and Russia Caspian (EARC) region, will serve as president of products and technology. He also will be responsible for optimizing the company’s supply chain and procurement capabilities.
Derek Mathieson will serve as chief commercial officer of the newly formed commercial strategy organization. He will lead the commercial growth strategy for the company while developing a broader range of sales channels for its products and technology. Mathieson, who previously was vice president, chief technology and marketing officer, also will lead future business incubation efforts and corporate development planning and implementation.
Richard Williams, formerly the president of the company’s North America region, will play a critical role in the organizational transitions outlined above. Serving as senior adviser to the company’s executive leadership team, Williams will use his extensive operational experience to assist the company in implementing these changes without disruption to operational performance or customer commitments.
“These changes to our organizational design and leadership team demonstrate that we are moving quickly and decisively to execute on the strategy we outlined earlier this month,” Martin Craighead, chairman and CEO of Baker Hughes, said in a statement.
“While we have more hard work ahead of us, the entire Baker Hughes team is committed to building on our strong foundation as a product innovator to deliver outstanding performance to our customers and significant value to our shareholders.”
All changes noted above were effective as of May 24.
Recommended Reading
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
Exxon, Chevron Tapping Permian for Output Growth in ‘24
2024-02-02 - Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
enCore Energy Appoints Robert Willette as Chief Legal Officer
2024-02-01 - enCore Energy’s new chief legal officer Robert Willette has over 29 years of corporate legal experience.