8-KLeadership ChangesExhibits & Filings

Baker Hughes Co 8-K Report, Executive Changes (Dec 1, 2023)

Filed December 1, 2023For Securities:BKR

Summary

Baker Hughes Company (BKR) announced a significant change to its Board of Directors, effective January 1, 2024. The Board has elected Abdulaziz M. Al Gudaimi to join as a director, expanding the Board's size from nine to ten members. Mr. Al Gudaimi brings extensive experience from a 38-year career at Saudi Aramco, where he held senior leadership positions including Executive Vice President of Corporate Development and Executive Vice President Downstream. His background includes expertise in mergers and acquisitions, divestment strategy, and managing large-scale downstream operations, which could provide valuable insights to Baker Hughes. The Board has determined that Mr. Al Gudaimi meets all independence requirements, including those from Nasdaq and SEC regulations. He is set to serve on the Governance and Corporate Responsibility and Human Capital and Compensation Committees. His compensation will align with the company's standard director compensation practices. This appointment is expected to strengthen the Board's oversight and strategic guidance, particularly in areas related to global energy markets and corporate strategy.

Key Highlights

  • 1Baker Hughes has elected Abdulaziz M. Al Gudaimi as a new director, effective January 1, 2024.
  • 2The Board of Directors will expand from nine to ten members with this appointment.
  • 3Mr. Al Gudaimi brings over 38 years of experience from Saudi Aramco, including leadership roles in Corporate Development and Downstream operations.
  • 4His expertise encompasses mergers and acquisitions, divestment strategy, and managing refining, chemicals, and trading businesses.
  • 5The Board has confirmed Mr. Al Gudaimi's independence according to Nasdaq and SEC requirements.
  • 6He will serve on the Governance and Corporate Responsibility and Human Capital and Compensation Committees.
  • 7Mr. Al Gudaimi's compensation will be consistent with current non-employee director arrangements.

Frequently Asked Questions

Abdulaziz M. Al Gudaimi is a new director joining the Baker Hughes Board, bringing over 38 years of extensive experience from Saudi Aramco. His background in senior leadership roles, particularly in corporate development (including M&A and divestments) and downstream operations, is significant as it can offer valuable strategic perspectives to Baker Hughes in the global energy market.

Mr. Al Gudaimi will serve on two key committees: the Governance and Corporate Responsibility Committee and the Human Capital and Compensation Committee. These roles suggest a focus on the company's governance practices, ethical conduct, and executive compensation strategies.

The Baker Hughes Board has explicitly stated that Mr. Al Gudaimi meets all independence requirements under Nasdaq and SEC regulations. Furthermore, there are no disclosed arrangements or related party transactions that would indicate a conflict of interest requiring further disclosure under SEC rules.

Mr. Al Gudaimi's compensation will be in line with the company's existing compensation structure for its non-employee directors, as previously disclosed in the company's proxy statement.