A new Chief Financial Officer was named this week at Baker Hughes Company.
The firm said Ahmed Moghal, an experienced finance leader who is the current chief financial officer of the company’s Industrial & Energy Technology business was named CFO effective immediately. He succeeds Nancy Buese, who by mutual agreement with the company, according to the announcement, ceased to serve as CFO effective Monday. With Moghal’s appointment, Buese will move to a strategic adviser role and will depart the Company on April 30, 2025.
Moghal has served as senior vice president & CFO of the Industrial and Energy Technology business of Baker Hughes since 2023. Prior to this role, he was appointed as the financial planning & analysis leader at the time of the merger of Baker Hughes and GE Oil & Gas in 2017. In his more than two decades of experience, Moghal has worked in several industries globally, driving performance across multiple business models and cycles. He started his career in GE in the Financial Management Program and subsequently Corporate Audit Staff.
Lorenzo Simonelli, Baker Hughes chairman and chief executive officer, said, “As we embark on this next phase of growth, 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,”
The Company reaffirmed its first-quarter and full-year 2025 outlook shared during its 2024 fourth-quarter and full-year earnings conference call on Jan. 31, 2025. This includes projecting another solid year of EBITDA growth, achieving a 20% EBITDA margin for its OFSE segment in 2025 and the IET segment in 2026, and committed to returning 60% to 80% of free cash flow to shareholders.
