Summary
Baker Hughes Co. (BKR) announced a significant leadership change in its finance department via an 8-K filing dated May 19, 2023. Rebecca Charlton has been appointed as the new Senior Vice President, Controller, and Chief Accounting Officer, effective June 1, 2023. This transition marks the departure of Kurt Camilleri from this role, although he will remain with the company to assist with the handover until his departure in the third quarter of 2023. The company has explicitly stated that Mr. Camilleri's exit is amicable and not related to any accounting disputes. Ms. Charlton brings a wealth of experience from the mining sector, having previously held senior finance positions at Newmont Corporation, CMOC International, and Anglo American, as well as starting her career in public accounting at PwC. Her compensation package includes a base salary of $400,000, a target annual bonus of 100% of salary, and eligibility for long-term incentives starting in 2024 with a target of $600,000. Additionally, she will receive a $1,000,000 restricted stock unit award vesting over three years and a $500,000 sign-on bonus with a clawback provision if she voluntarily resigns or is terminated for cause within 18 months.
Key Highlights
- 1Rebecca Charlton appointed Senior Vice President, Controller, and Chief Accounting Officer, effective June 1, 2023.
- 2Current SVP, Controller and Chief Accounting Officer, Kurt Camilleri, to transition out by Q3 2023.
- 3Mr. Camilleri's departure is not due to any disputes regarding accounting practices or financial statements.
- 4Ms. Charlton has extensive financial leadership experience, including recent roles at Newmont Corporation.
- 5Ms. Charlton's compensation package includes a $400,000 base salary and a 100% target bonus.
- 6Significant equity awards include a $1,000,000 RSU award and eligibility for a $600,000 annual long-term incentive target starting 2024.
- 7A $500,000 sign-on bonus is subject to repayment under specific conditions within 18 months of hire.