Summary
Baker Hughes Company (BKR) filed an 8-K on August 2, 2021, reporting an event on July 28, 2021, concerning executive compensation. The primary focus of this filing is the adjustment to the compensation of the Chief Financial Officer, Brian Worrell. Effective August 8, 2021, Mr. Worrell's annual base salary will increase to $1,000,000. Additionally, his target short-term incentive compensation opportunity has been raised to 125% of his base salary, retroactive to January 1, 2021.
Key Highlights
- 1Increase in CFO's annual base salary to $1,000,000, effective August 8, 2021.
- 2CFO's annual short-term incentive target compensation opportunity increased to 125% of base salary.
- 3The increase in short-term incentive target is retroactive to January 1, 2021.
- 4The compensation adjustments were approved by the compensation committee of the board of directors.
- 5This filing pertains specifically to executive compensation changes, not broader operational or financial performance updates.
Frequently Asked Questions
The main purpose of this 8-K filing is to disclose material changes to the compensation of Baker Hughes' Chief Financial Officer, Brian Worrell.
Mr. Worrell's increased annual base salary takes effect on August 8, 2021. The increase in his short-term incentive target was effective retroactively from January 1, 2021.
Effective August 8, 2021, Mr. Worrell's annual base salary will be $1,000,000. His target short-term incentive compensation opportunity is 125% of his base salary.
No, this specific 8-K filing is limited to reporting changes in executive compensation. It does not contain information regarding the company's financial performance, operational updates, or other material business events.