Summary
Baker Hughes Company (BKR) has announced the departure of Derek Mathieson, Chief Marketing and Technology Officer, effective May 31, 2020. This departure is amicable, with both parties mutually agreeing to the terms outlined in a letter agreement dated April 28, 2020. Investors should note that Mr. Mathieson will receive specified payments and benefits upon his departure, consistent with a termination without cause, including accelerated vesting of certain equity awards linked to the prior business combination. While the departure of a key executive can sometimes raise concerns, the agreement includes Mr. Mathieson affirming his ongoing contractual obligations to the Company, such as cooperation, confidentiality, non-disparagement, non-competition, and non-solicitation. These provisions aim to protect Baker Hughes' interests following his exit. The filing primarily serves to disclose this executive transition and the associated terms.
Key Highlights
- 1Departure of Derek Mathieson, Chief Marketing and Technology Officer, effective May 31, 2020.
- 2The departure is based on a mutual agreement with the Company.
- 3Mr. Mathieson will receive payments and benefits equivalent to a termination without cause.
- 4Accelerated vesting of certain equity awards granted in connection with the GE/Baker Hughes business combination will occur.
- 5Mr. Mathieson has affirmed contractual obligations including cooperation, confidentiality, non-competition, and non-solicitation.
- 6The terms of his departure are detailed in a letter agreement dated April 28, 2020.