BHGE Elects CEO Lorenzo Simonelli as Chairman of the BHGE Board
HOUSTON & LONDON–(BUSINESS WIRE)–Baker Hughes, a GE company (NYSE: BHGE) today announced that its board
of directors has elected BHGE President and Chief Executive Officer
(CEO) Lorenzo Simonelli as chairman of the BHGE board, effective October
2. Simonelli will continue in his president and CEO role, which he has
held since the closing of the combination of Baker Hughes Incorporated
and GE's Oil and Gas business on July 3, 2017. Simonelli replaces former
GE Chairman and CEO Jeff Immelt, who retired from the BHGE board of
directors effective October 2.
“I am honored to take on the added role of chairman and further help
BHGE win in the market and deliver for our shareholders,” Chairman and
CEO Lorenzo Simonelli said. “We have a differentiated fullstream
portfolio, a great team and valued customers. We are making the right
moves to compete in the down cycle and position the company for
long-term value creation. I look forward to serving the board, the
company and shareholders.”
In addition to Immelt’s departure, BHGE board member Larry Nichols has
announced his decision to resign from the board. Nichols served as a
member of the legacy Baker Hughes Incorporated board, and for the past
16 years has provided valuable counsel and board leadership. With these
two resignations, BHGE has reduced the size of its board to nine members
and has named current GE-designee BHGE board member W. Geoffrey Beattie
as the new lead director.
GE owns approximately 62.5% of BHGE, and retains five designated seats
on the BHGE board.
“BHGE is a valued and strategic energy business and an important part of
the GE portfolio,” GE Chairman and CEO John Flannery said. “With
Lorenzo's new chairmanship, the strong GE representation and the
experience of the legacy Baker Hughes Incorporated board members, the
board leadership is in good hands.”
About Baker Hughes, a GE company
Baker Hughes, a GE company (NYSE: BHGE) is the world’s first and only
fullstream provider of integrated oilfield products, services and
digital solutions. We deploy minds and machines to enhance customer
productivity, safety and environmental stewardship, while minimizing
costs and risks at every step of the energy value chain. With operations
in over 120 countries, we infuse over a century of experience with the
spirit of a startup – inventing smarter ways to bring energy to the
world.
Contacts
Baker Hughes, a GE company
Media Relations:
Stephanie
Cathcart, +1 202-549-6462
[email protected]
or
Melanie
Kania, +1 713-439-8303
[email protected]
or
Investor
Relations:
Philipp Mueller, +1 281-809-9088
[email protected]
