Baker Hughes has announced plans to restructure its four product companies to focus on two reporting business segments and streamline its corporate structure. Effective October 1, the company will be formally restructured into two reporting business segments:
- Oilfield Services & Equipment (OFSE) integrates the current Oilfield Services (OFS) and Oilfield Equipment product companies.
- Industrial & Energy Technology (IET) integrates the current Turbomachinery & Process Solutions (TPS) and Digital Solutions product companies.
“We have continuously looked to ensure Baker Hughes can operate in any environment and play a clear role in helping to address the Energy Trilemma – balancing energy security, sustainability, and affordability. Today, we are taking a deliberate next step in our strategic journey to transform and simplify our operations and position Baker Hughes for the future,” said Lorenzo Simonelli, chair and CEO of Baker Hughes. “Our updated structure will allow us to deliver the technologies that the energy transition will demand by further strengthening our existing customer relationships and allowing more operational flexibility, maintaining size and scale to maximize technology investments and capital returns to our shareholders.”
Baker Hughes will also be making changes to its management team. Effective October 1, Maria Claudia Borras will be executive vice president of OFSE. Borras previously served as executive vice president of OFS since 2017. Rod Christie will be executive vice president of IET. Christie previously served as executive vice president of TPS since 2017. Jim Apostolides will be senior vice president of enterprise operational excellence, a newly created role. Apostolides will oversee the company’s consolidated supply chain centers of excellence; health, safety, environment, and quality; and environmental, social, and governance functions. He previously served as executive vice president of enterprise excellence and has been with the company for 23 years.
