Baker Hughes has named Ahmed Moghal as its new Chief Financial Officer (CFO), effective immediately. Moghal, who previously served as CFO of the company’s industrial and energy technology (IET) business, replaces Nancy Buese, according to a press release issued Monday.
Buese had been CFO for a little over two years, assuming the role in 2022. This followed the company’s announcement of a strategic transformation that established two reporting business segments.
CEO Lorenzo Simonelli highlighted the importance of Moghal’s appointment, stating, “It is crucial to have a CFO with deep-domain knowledge across both business segments, a track record of fostering collaboration and strong financial performance, and a comprehensive understanding of our growth strategy.” The company is beginning its “next phase of growth,” according to the statement.
Moghal, 43, first joined Baker Hughes in 2017 as SVP of FP&A. He became the IET CFO in January 2023. Prior to his time at Baker Hughes, Moghal spent approximately eight years at GE Oil and Gas, including two stints as CFO. Before that, he held various roles at GE Corporate, according to his LinkedIn profile.
As CFO, Moghal’s compensation includes a base salary of $750,000 and a target bonus opportunity of 100% of the base salary, subject to company and individual performance. He will also receive “top-up” equity awards with a grant date value of $2.12 million, encompassing both time-based and performance-based restricted stock units, according to a securities filing.
Buese has entered into a separation agreement, with her employment terminated “without cause” on Monday. She will transition to an advisory role for the company chairman and CEO through April 30. As an advisor, she will receive a monthly fee of $200,000, along with severance payments and benefits. These payments are subject to her signing and not revoking a general release of claims, including a lump sum cash payment equivalent to 12 months of salary, as well as outplacement services for a year.
A company spokesperson clarified in an email that Buese’s departure was by “mutual agreement.” The spokesperson added the company is “grateful to Nancy for the important role she played in executing on key pillars of the first phase of our transformation, including driving operational efficiency and achieving cost reduction objectives to deliver enhanced margin growth and shareholder returns.”
In January, Baker Hughes reported record annual revenue of $27.8 billion for 2024, marking a 9% year-over-year increase. GAAP net income attributable to Baker Hughes reached $2.979 billion, up from $1.943 billion the previous year. On Monday, the company also confirmed its Q1 and full-year 2025 outlook, which was presented during its Q4 earnings conference call on January 31.
