8-KLeadership Changes

Baker Hughes Co 8-K Report, Executive Changes (May 5, 2023)

Filed May 5, 2023For Securities:BKR

Summary

Baker Hughes Company (BKR) filed an 8-K on May 5, 2023, to disclose details regarding the departure of Rod Christie, formerly EVP of Industrial & Energy Technology. Mr. Christie transitioned to an advisor role in January 2023 and officially departed the company on May 1, 2023. This filing outlines the terms of his separation agreement, providing clarity on the compensation and benefits he will receive. Investors should note that the severance package is consistent with the company's Executive Severance Program for an involuntary termination. Key components include a severance payment, a $15,000 payment for loss of benefits, a pro-rata bonus for 2023 performance, accelerated vesting of certain restricted and performance stock units granted in January 2022, and a standard relocation package. Mr. Christie has also reaffirmed his ongoing contractual obligations, such as non-disparagement, non-solicitation, cooperation, and confidentiality.

Key Highlights

  • 1Baker Hughes Company has officially announced the departure of Rod Christie, former EVP of Industrial & Energy Technology, effective May 1, 2023.
  • 2Mr. Christie's departure follows an advisory role he held since January 16, 2023.
  • 3The company has entered into a Separation Agreement & Release detailing the terms of his exit.
  • 4Severance benefits provided to Mr. Christie are in line with the company's Executive Severance Program for involuntary termination.
  • 5The agreement includes a severance payment, a $15,000 payment for loss of benefits, and a pro-rata bonus for 2023 performance.
  • 6Unvested restricted stock units and performance stock units granted in January 2022 will vest.
  • 7Mr. Christie remains bound by ongoing contractual obligations including non-disparagement, non-solicitation, cooperation, and confidentiality.

Frequently Asked Questions

This 8-K filing is primarily to disclose the terms of the Separation Agreement & Release between Baker Hughes Company and Rod Christie, following his departure from his role as EVP of Industrial & Energy Technology.

Mr. Christie is set to receive a severance payment consistent with the company's Executive Severance Program, a $15,000 payment for loss of benefits, a pro-rata bonus based on 2023 performance, and accelerated vesting of certain restricted and performance stock units granted in January 2022. A standard relocation package is also included.

Yes, Mr. Christie has affirmed certain contractual obligations to the Company, including non-disparagement, non-solicitation, cooperation and assistance, and confidentiality, which will remain in effect for specified periods following his employment.

The full text of the Separation Agreement is expected to be filed as an exhibit to Baker Hughes Company's Quarterly Report on Form 10-Q for the period ending June 30, 2023.