Baker Hughes Co. will shake up top management and restructure its four product companies to focus on two reporting business segments, the company said on Sept. 6. Baker Hughes said the moves are intended to deliver at least $150 million in cost savings and position the company to respond to energy transition challenges.
Effective Oct. 1, Baker Hughes will be formally restructured into two reporting business segments:
Oilfield Services & Equipment (OFSE) integrates the current Oilfield Services (OFS) and Oilfield Equipment (OFE) product companies; and
Industrial & Energy Technology (IET) integrates the current Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS) product companies.
The shakeup in the management team involves three senior executives who will report to Chairman and CEO Lorenzo Simonelli:
Maria Claudia Borras is executive vice president (EVP) of OFSE. Borras previously served as EVP of OFS since 2017. She was honored in 2019 by Oil and Gas Investor as one of its 25 Women of Influence in Energy;
Rod Christie is EVP of IET. Christie previously served as EVP of TPS since 2017; and
Jim Apostolides is senior vice president of enterprise operational excellence, a newly-created role to drive better coordination and alignment of key operational areas. Apostolides will oversee the company’s consolidated Supply Chain Centers of Excellence; Health, Safety, Environment, and Quality (HSEQ); and Environmental, Social, and Governance (ESG) functions. He previously served as SVP of enterprise excellence and has been with the Baker Hughes for 23 years.
“We have continuously looked to ensure Baker Hughes can operate in any environment and play a clear role in helping to address the Energy Trilemma—balancing energy security, sustainability, and affordability. Today, we are taking a deliberate next step in our strategic journey to transform and simplify our operations and position Baker Hughes for the future,” Simonelli said.
Simonelli’s presentation at the Barclays CEO Energy-Power Conference can be viewed here.