8-KLeadership Changes

Baker Hughes Co 8-K Report, Executive Changes (Nov 15, 2021)

Filed November 15, 2021For Securities:BKR

Summary

Baker Hughes Company (BKR) announced a significant change to its Board of Directors through an 8-K filing on November 15, 2021. The company elected Michael R. Dumais to join the Board effective January 1, 2022, expanding the Board's size from nine to ten members. Mr. Dumais brings extensive experience from senior leadership roles at Raytheon Technologies and United Technologies, where he focused on strategy, corporate development, and operations. Investors should note that Mr. Dumais has been deemed independent by Nasdaq and SEC standards and will serve on the Audit and Governance & Corporate Responsibility Committees. His appointment is expected to bring valuable strategic and operational insights to Baker Hughes' governance. Compensation for Mr. Dumais will align with that of other non-employee directors, and there are no disclosed related-party transactions or specific arrangements outside of a standard indemnification agreement.

Key Highlights

  • 1Michael R. Dumais elected to the Board of Directors, effective January 1, 2022.
  • 2Board size will increase from nine to ten members.
  • 3Mr. Dumais possesses significant experience in strategy, corporate development, and operations from Raytheon Technologies and United Technologies.
  • 4Mr. Dumais has been determined to be independent under Nasdaq and SEC rules.
  • 5He will serve on the Audit Committee and the Governance & Corporate Responsibility Committee.
  • 6His compensation will be standard for non-employee directors.
  • 7No related-party transactions or special arrangements are disclosed regarding his appointment.

Frequently Asked Questions

Michael R. Dumais is a newly elected director to the Baker Hughes Board. He has a strong background in corporate strategy and operations, previously serving as Executive Vice President & Chief Transformation Officer at Raytheon Technologies and holding senior strategy and operations roles at United Technologies prior to its merger with Raytheon.

Mr. Dumais's appointment to the Board of Directors will be effective on January 1, 2022. This appointment will expand the size of the Board from its current nine members to ten members.

Mr. Dumais will serve on the Audit Committee and the Governance & Corporate Responsibility Committees. He has been determined to be independent under the corporate governance requirements of Nasdaq and the independence requirements of Rule 10A-3 of the Securities Exchange Act of 1934.

Mr. Dumais's compensation will be consistent with that of other non-employee directors. There are no disclosed related-party transactions or specific arrangements between Mr. Dumais and the Company, beyond a standard indemnification agreement.