(Reuters) – U.S. oilfield technology firm Baker Hughes said on Monday it has appointed insider Ahmed Moghal as its chief financial officer, effective immediately.
Shares of the company fell 1.3% in morning trade.
Moghal, who will succeed Nancy Buese, previously served as the finance chief for the company’s industrial and energy technology (IET) business.
The appointment comes as Baker Hughes is in the middle of a strategic pivot to leverage its IET portfolio to drive growth and expand its presence in the natural gas and LNG sectors, and scale up new energy and digital businesses.
“… 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,” CEO Lorenzo Simonelli said in a statement.
Moghal’s deep experience with the company serves this purpose well, RBC Capital Markets analyst Keith Mackey said. However, Buese’s departure appeared “relatively abrupt” given she has held the role since late 2022, he added.
Buese will become a strategic adviser to the company before departing on April 30, the Houston, Texas-based company said.
(Reporting by Pooja Menon in Bengaluru; Editing by Leroy Leo and Tasim Zahid)
