Who is the new Chief Financial Officer of Baker Hughes and when does the change take effect?

Nancy Buese has been appointed as the new Chief Financial Officer (CFO) of Baker Hughes, effective November 2, 2022.

What will Brian Worrell's role be after stepping down as CFO?

Brian Worrell will transition from his role as CFO to serve as an Advisor for Baker Hughes through the second quarter of 2023.

What is Nancy Buese's relevant experience for this role?

Nancy Buese has extensive experience, including serving as Executive Vice President and CFO at Newmont Corporation. Prior to that, she held similar roles at MarkWest Energy Partners and MPLX. She also has a background in public accounting, having been a partner at Ernst & Young, and has served on the boards of UMB Financial Corporation and Williams Companies.

What is the compensation package for the new CFO?

Nancy Buese's compensation includes an initial annual salary of $900,000. She is eligible for short-term incentive awards with a target bonus of 100% of her base salary and long-term incentive awards with a current annual target of $3,500,000, both starting in 2023. Additionally, she will receive a $5,000,000 sign-on RSU award vesting over three years and a $2,000,000 cash sign-on award, which has repayment conditions within the first 18 months of employment.

BKR 8-K: Leadership Changes

Summary

Baker Hughes Company (BKR) announced a significant leadership change in its finance department through an 8-K filing dated October 19, 2022. Effective November 2, 2022, Nancy Buese will assume the role of Chief Financial Officer (CFO), succeeding Brian Worrell. Mr. Worrell will transition to an Advisor role through the second quarter of 2023, with the company expressing gratitude for his contributions. Ms. Buese brings a wealth of experience to Baker Hughes, having previously served as CFO for Newmont Corporation and holding senior finance positions at MarkWest Energy Partners and MPLX. Her extensive background in public accounting, including partnerships at Arthur Andersen and Ernst & Young, along with significant board experience, positions her to lead the company's financial strategy. The filing also details her compensation package, including a base salary, potential short-term and long-term incentives, and significant sign-on awards, reflecting the company's investment in her leadership.

Key Highlights

1Nancy Buese appointed as the new Chief Financial Officer (CFO) effective November 2, 2022.
2Current CFO, Brian Worrell, will transition to an Advisor role through Q2 2023.
3Ms. Buese has a strong financial background, including CFO roles at Newmont Corporation and MarkWest Energy Partners.
4Her compensation includes an annual base salary of $900,000.
5Ms. Buese is eligible for annual incentive awards with a target bonus of 100% of base salary (short-term) and a target annual award of $3,500,000 (long-term) starting in 2023.
6She will receive a $5,000,000 sign-on restricted stock unit (RSU) award, vesting over three years.
7A $2,000,000 cash sign-on award is included, subject to repayment under specific circumstances within 18 months of hire.

Baker Hughes Co 8-K Report, Executive Changes (Oct 19, 2022)

Summary

Key Highlights

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