Baker Hughes, a leading U.S. oilfield technology company, announced on Monday the appointment of Ahmed Moghal as its new chief financial officer, effective immediately. Shares of the company dropped 1.3% in early trading.
Moghal, an internal candidate, takes over from Nancy Buese, who has held the position since late 2022. Prior to his new role, Moghal served as the finance head of Baker Hughes’ industrial and energy technology (IET) division.
This change comes as the company focuses on expanding its growth through its IET business, aiming to enhance its position in the natural gas and LNG industries while also strengthening its new energy and digital operations.
“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,” said CEO Lorenzo Simonelli.
RBC Capital Markets analyst Keith Mackey noted that Moghal’s experience within the company is well-suited for the role, although Buese’s departure appeared unexpected. Buese will transition to a strategic adviser role before officially leaving on April 30.
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