Baker Hughes is restructuring its four product companies to focus on two reporting business segments and streamlining its corporate structure, a move the company said will deliver at least $150 million in cost savings. Effective October 1, the company will be formally restructured into two reporting business segments. The Oilfield Services & Equipment (OFSE) segment integrates the current Oilfield Services (OFS) and Oilfield Equipment (OFE) product companies. The Industrial & Energy Technology (IET) integrates the current Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS) product companies.
“This transformation is the next step in the Company’s journey to create the pre-eminent energy technology company, positioning for the changes unfolding across the energy landscape,” the company said in a statement.
Effective 1 October, Maria Claudia Borras will become Executive VP of OFSE. She previously served as EVP of OFS since 2017. Rod Christie will become Executive VP of IET, having previously served as Executive VP of TPS since 2017. Jim Apostolides will take over as Senior VP of Enterprise Operational Excellence, a newly-created role to drive better coordination and alignment of key operational areas. Mr Apostolides will oversee the Company’s consolidated Supply Chain Centers of Excellence; Health, Safety, Environment, and Quality (HSEQ); and Environmental, Social, and Governance (ESG) functions. He previously served as Senior VP of enterprise excellence and has been with the company for 23 years.