Baker Hughes Appoints Ahmed Moghal as CFO

By Bobby Samwell • Monday, February 24 10:16 • Permanent Link

Baker Hughes Company (NASDAQ: BKR) has appointed Ahmed Moghal as its new Chief Financial Officer, effective immediately. Moghal, who previously served as the CFO of the company's Industrial & Energy Technology (IET) business, brings extensive experience and a track record of fostering collaboration and strong financial performance to his new role. This move comes as part of the company's strategic transformation and growth initiatives.

Lorenzo Simonelli, Baker Hughes Chairman and CEO, emphasized the company's focus on driving profitable growth across its business segments and leveraging its versatile IET portfolio, growth in the natural gas and LNG value chain, and scaling new energy and digital businesses. The company also aims to achieve enhanced growth in mature asset solutions.

In terms of financial outlook, Baker Hughes reaffirmed its first-quarter and full-year 2025 projections, which were initially shared during its 2024 fourth-quarter and full-year earnings conference call on January 31, 2025. These projections include expecting another year of EBITDA growth and targeting a 20% EBITDA margin for its OFSE segment in 2025 and the IET segment in 2026. Furthermore, the company is committed to returning 60% to 80% of free cash flow to shareholders.

As part of Moghal's appointment, Nancy Buese, the outgoing CFO, will transition to a strategic adviser role before departing the company on April 30, 2025. Simonelli acknowledged Buese's contributions to achieving operational efficiency, cost reduction objectives, and delivering enhanced margin growth and shareholder returns during the first phase of the company's transformation.

Moghal, who has been with Baker Hughes since the merger with GE Oil & Gas in 2017, has held various finance leadership positions within the company. He is credited with leading free cash flow efforts across the organization and has developed unique insights into the company's business and portfolio.

Baker Hughes, an energy technology company operating in over 120 countries, aims to continue providing innovative solutions to its energy and industrial customers, making energy safer, cleaner, and more efficient for people and the planet. Today the company's shares have moved -0.9% to a price of $45.23. For more information, read the company's full 8-K submission here.

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