Baker Hughes Inc. and General Electric Co's Oil and Gas Announces Executive Appointments to Newly Formed Partnership
July 05, 2017 at 01:14 pm EDT
The merger of Baker Hughes Inc. and General Electric Co's oil and gas business has closed. GE will have a 62.5% interest in this partnership and existing Baker Hughes shareholders will have a 37.5% interest through a newly NYSE listed corporation. Jeff Immelt, chairman and CEO of GE will serve as chairman of the board of directors and Lorenzo Simonelli, president and CEO of GE Oil and Gas will serve as president and chief executive officer. Martin Craighead, Baker Hughes chairman and CEO, will serve as vice chairman of the board. The remainder of the executive leadership team will be a combination of existing leaders from both GE and Baker Hughes.