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Baker Hughes Company (NASDAQ:BKR) shares are trading lower on Monday. The company disclosed the appointment of Ahmed Moghal as its new chief financial officer, effective immediately.
He will succeed Nancy Buese, who, by mutual agreement with the company, ceased to serve as CFO effective today. She will transition to a strategic adviser role and will leave the company on April 30, 2025.
Moghal, who is currently serving as CFO of the company’s Industrial & Energy Technology (IET) business, previously held senior roles across various business and corporate functions.
Lorenzo Simonelli, Baker Hughes chairman and chief executive officer, said, “The news we are announcing today reflects the substantial progress Baker Hughes has made in executing our strategic transformation. Reflecting on the financial successes achieved during Horizon 1, we drove record results last year while taking key actions across the Company to significantly expand margins.”
“As part of his previous roles in Baker Hughes, and as well as currently leading free cash flow efforts across the Company, Moghal has developed unique insights into our business and broad portfolio that will ensure we efficiently allocate capital to drive profitable growth while remaining focused on continuous margin improvement.”
Read: Baker Hughes Lands ExxonMobil Guyana Deal, Partners With Hanwha On Ammonia Turbines
Outlook: The company reiterated its first-quarter and full-year 2025 guidance of another strong year of EBITDA growth, targeting a 20% EBITDA margin for its OFSE segment in 2025 and for the IET segment in 2026.
Additionally, the company is committed to returning 60% to 80% of free cash flow to shareholders.
Last month, Baker Hughes reported fourth-quarter adjusted EPS of $0.70, surpassing the $0.63 estimate, and sales of $7.36 billion, beating the $7.08 billion estimate.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment & Services ETF (NYSE:IEZ) and VanEck Oil Services ETF (NYSE:OIH).
Price Action: BKR shares are down 1.67% at $44.86 at the last check Monday.
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