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HOUSTON, TX – Baker Hughes Company (NASDAQ:BKR), a $42.65 billion oilfield services giant with annual revenue of $27.83 billion, revealed in a recent SEC filing that Lynn L. Elsenhans will not seek re-election to its Board of Directors at the forthcoming 2025 Annual Meeting of Shareholders. According to InvestingPro data, the company maintains strong financial health with consistently profitable operations and a diluted EPS of $2.98. Elsenhans, who joined the board in 2019 following service on the boards of predecessor entities since 2012, will continue her duties until May 1, 2025. Her departure is not due to any disagreements with the company.
Simultaneously, the oilfield services giant announced the appointment of Ilham Kadri as a new board member, effective May 1, 2025. Kadri, 56, is currently the CEO of Syensqo S.A., a role she assumed after leading Solvay (EBR:SOLB) S.A. until its split in December 2023. This appointment comes as Baker Hughes demonstrates exceptional corporate governance, evidenced by its perfect Piotroski Score of 9, as reported by InvestingPro, which offers comprehensive analysis of 1,400+ US stocks through its Pro Research Reports. She brings a wealth of leadership experience from various multinational companies and has been recognized as an independent director under Nasdaq’s corporate governance requirements.
With Kadri’s election, Baker Hughes will expand its board from ten to eleven members. She will also serve on the Audit and Human Capital and Compensation Committees and receive the same compensation as other non-employee directors, as detailed in the company’s proxy statement dated March 31, 2025.
Kadri’s extensive background includes leadership roles at Diversey, Inc., Shell plc, UCB, Huntsman (NYSE:HUN) Corporation, Dow Chemical (NYSE:DOW) Company, and Sealed Air (NYSE:SEE) Corporation. She also serves on the boards of A.O. Smith Corporation and L’Oréal S.A. The board has determined that Kadri qualifies as an "audit committee financial expert" and a "Non-Employee Director" under SEC rules.
The company stated that there are no undisclosed arrangements or related party transactions involving Kadri that would necessitate further disclosure. She will enter into the company’s standard indemnification agreement for directors. Baker Hughes’ strong governance practices align with its robust financial performance, maintaining healthy profit margins and demonstrating strong returns over the past five years. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with eight additional exclusive insights available to subscribers.
This announcement comes as part of the company’s regular disclosure in compliance with SEC regulations and reflects Baker Hughes’ ongoing commitment to strong corporate governance. The information is based on a press release statement.
In other recent news, Baker Hughes reported a 9% increase in revenue year over year in 2024, with its Industrial Energy Technology (IET) segment experiencing nearly a 20% growth, driven by gas technology equipment sales. This growth contributed to S&P Global Ratings upgrading Baker Hughes’ credit rating to ’A’, citing improved business margins and a significant portion of revenue from the IET segment. In addition, Baker Hughes secured a multi-year contract with Dubai Petroleum Establishment to provide coiled-tubing drilling services for the Margham Gas storage project, enhancing Dubai’s energy stability. The company also signed a significant contract with Petrobras to supply advanced completions technology for deepwater fields, aiming to improve offshore production efficiency and safety. Furthermore, Baker Hughes has been awarded a deal to provide NovaLT™ gas turbine technology to TURBINE-X Energy Inc., supporting North American data centers with flexible power solutions. Another notable development is Baker Hughes’ framework agreement with NextDecade (NASDAQ:NEXT) Corporation to supply gas turbine and refrigerant compressor technology for the Rio Grande LNG Facility, aiming to boost efficiency and reliability. These recent developments underscore Baker Hughes’ active role in various global energy projects and its commitment to advancing energy technology.
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