Baker Hughes Names Ganesh Ramaswamy as Executive Vice President of Industrial & Energy Technology

Rhea-AI Summary

Baker Hughes (NASDAQ: BKR) announced the appointment of Ganesh Ramaswamy as executive vice president of the Industrial & Energy Technology (IET) segment, effective January 16, 2023. This leadership change is part of a strategic transformation initiated in September 2022 aimed at enhancing profitability and driving growth in energy and industrial markets. Ramaswamy brings over 25 years of experience, previously serving as president of Global Services at Johnson Controls. The transition follows Rod Christie's move to a strategic adviser role, highlighting Baker Hughes' commitment to evolving its operational capabilities.

Positive

• Appointment of Ganesh Ramaswamy as EVP for IET, signaling strategic leadership enhancement.
• Ramaswamy's extensive experience could drive growth and innovation in energy solutions.
• Continued commitment to strategic transformation for improved profitability and operational efficiency.

Negative

• Rod Christie’s transition out of IET may disrupt existing strategies and operations.

• Ramaswamy will lead Industrial & Energy Technology (IET) business segment to continue positioning Baker Hughes for new frontiers and build out diversified solutions 
  
• Baker Hughes continues to accelerate its strategic transformation announced in September 2022 to simplify and improve operations, enhancing profitability while positioning for growth with customers across energy and industrial markets
  

HOUSTON and LONDON, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR) (“Baker Hughes” or the “Company”) announced Ganesh Ramaswamy as executive vice president (EVP) of the Industrial & Energy Technology (IET) business segment effective Jan. 16. Ramaswamy’s appointment is another step in the Company’s strategic transformation – announced in September 2022 – to simplify its operations, enhance profitability, and drive growth in the rapidly evolving energy and industrial markets.

Ramaswamy brings more than 25 years of diversified experience across industrial sectors. He most recently served as president of Global Services for Johnson Controls, where he led the multinational conglomerate’s transformation in digital services and drove significant year-over-year growth in services and sustainability solutions. Ramaswamy previously held multiple business leadership roles in Danaher, a diversified manufacturer of industrial products and services, as well as holding product and general management roles for multiple international companies.

“Ganesh is a proven business leader, and his appointment is another deliberate action to accelerate our strategy to ensure Baker Hughes is further strengthened for future growth,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “I am looking forward to his unique perspectives as we continue to strengthen IET to capitalize on new growth within energy and industrial markets. Ganesh’s global and diversified experience will be critical as we position our entire portfolio to deliver differentiated solutions to address the energy trilemma – balancing energy security, sustainability and affordability.”

With Ramaswamy’s appointment, Rod Christie, EVP of IET, will be moving to a strategic adviser role before departing the Company in the second quarter of 2023.

“I would like to thank Rod personally and professionally for his many years of service to the Company,” said Simonelli. “He has been integral to our leadership in the LNG and natural gas markets and as a driving force for our world-class technologies and services. He has played a critical role in establishing IET, developing a strategic portfolio of energy transition technologies for growth, setting the foundations for a new integrated IET Digital offering, and championing the culture to achieve it. Rod has also shown exceptional stewardship delivering business continuity and supporting our employees through the COVID-19 pandemic. We wish him well on his future endeavors.”

Baker Hughes will provide updates on its strategic transformation during the Company’s fourth quarter and full-year 2022 earnings results and webcast on Jan. 23.

About Baker Hughes:
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

Forward-Looking Statements:
This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “project,” “foresee,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “potential,” “would,” “may,” “probable,” “likely,” and similar expressions, and the negative thereof, are intended to identify forward-looking statements. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2021; the Company's subsequent quarterly reports on Form 10-Q; and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval (“EDGAR”) system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement.

For more information, please contact:

Investor Relations
Jud Bailey
+1 281-809-9088
investor.relations@bakerhughes.com

Media Relations
Thomas Millas
+1 713-879-2862
thomas.millas@bakerhughes.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72738ea6-e213-49f3-85d1-3ff799286b91

FAQ

What is Baker Hughes' recent leadership change?

Baker Hughes appointed Ganesh Ramaswamy as EVP of the Industrial & Energy Technology segment, effective January 16, 2023.

What is the focus of Baker Hughes' strategic transformation?

The strategic transformation aims to simplify operations, enhance profitability, and drive growth in energy and industrial markets.

Who is succeeding Rod Christie at Baker Hughes?

Ganesh Ramaswamy will succeed Rod Christie as the EVP of the Industrial & Energy Technology segment.

What experience does Ganesh Ramaswamy bring to Baker Hughes?

Ramaswamy has over 25 years of experience, including leadership roles at Johnson Controls and Danaher.

When will Baker Hughes provide updates on its strategic transformation?

Baker Hughes will update on its strategic transformation during its fourth quarter and full-year 2022 earnings results on January 23, 2023.