Company: BKR
Filing Date: 2025-02-24
Form Type: 8-K
Source: 0001193125-25-032863
Chunk: 0

Company: Baker Hughes Co
Filing Date: 2025-02-24
Form: 8-K
Item: Item 5.02
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Item 5.02.      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.  

On February 24, 2025, the Board of Directors (the “ Board”) of Baker Hughes Company (the “ Company”) announced the appointment of Ahmed Moghal as Executive Vice President and Chief Financial Officer of the Company, effective February 24, 2025 (the “ Effective Date”). Mr. Moghal will succeed Nancy Buese who, by mutual agreement with the Board, ceased to serve as Chief Financial Officer of the Company effective February 24, 2025, but will remain in an advisory capacity until April 30, 2025.

Mr. Moghal, age 43, has served as Senior Vice President and Chief Financial Officer 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 over two decades of experience, Mr. 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. Mr. Moghal entered into a promotion offer letter (the “ Offer Letter”) with the Company on the Effective Date, setting forth the terms of his employment and compensation. Pursuant to the Offer Letter, Mr. Moghal will be entitled to a base salary of $750,000 and a target bonus opportunity of 100% of base salary, with the actual payout to be based on Company and individual performance. Mr. Moghal will also be eligible to participate in the Company’s 2021 Long-Term Incentive Plan and in the Company-sponsored benefit programs, including health and welfare programs. In addition, Mr. Moghal will be granted“top-up”equity awards in connection with his promotion, with a grant date value of $2,155,000, comprising 50% time-based restricted stock units and 50% performance-based restricted stock units, each having the same performance conditions, service-based vesting requirements, and other terms and conditions as the restricted stock units and performance-based restricted stock units, respectively, that were granted to Mr. Moghal in his prior role in January 2025.

Separation Agreement with Nancy Buese

Effective February 24, 2025, Ms. Buese entered into a separation