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8-K - FORM 8-K - Baker Hughes Holdings LLC | h81848e8vk.htm |
EX-10.1 - EX-10.1 - Baker Hughes Holdings LLC | h81848exv10w1.htm |
Exhibit 99.1
Baker Hughes Announces CEO Succession Plan
HOUSTON, Texas April 28, 2011. Baker Hughes Incorporated (NYSE: BHI) held its annual
stockholders meeting this morning in Houston, Texas. At its regularly scheduled Board of Directors
meeting following the annual meeting, the Board, acting in accordance with its established
succession plan, approved the transition of Chad C. Deaton, Chairman of the Board and Chief
Executive Officer, to the new role of Executive Chairman beginning January 1, 2012. At that time
Martin S. Craighead will assume the position of Chief Executive Officer in addition to his role as
President of Baker Hughes.
Mr. Deaton said, In October 2011, I will have served seven years as the leader of Baker Hughes.
We have accomplished the major objectives I had when I joined the company in the fall of 2004 and I
am very proud to have shared this success with our outstanding employees, management team and Board
of Directors. We have expanded and refocused the company, building its competitive strengths while
maintaining financial discipline and improving our returns. We have established a strong culture
based on our Core Values of Integrity, Performance, Learning and Teamwork.
I have tremendous respect for Martins abilities and confidence in his leadership. As an
experienced operations executive, Martin has an exceptional background for the CEO role. He has
been with the company for over 25 years, including management roles in both the United States and
other countries. He is one of the veterans of the companys management team who has effectively
mobilized our people and technology into a new geographic alignment as a leading global supplier of
oilfield services.
H. John Riley, Lead Director of the companys Board of Directors, said that The entire board is
extremely appreciative of Chad Deatons outstanding leadership and significant contributions to the
success of Baker Hughes over the past several years. He has implemented a strategy for growth and
improved performance that has reenergized and broadened the horizons for the company. We look
forward to Chads active involvement in his new role as Executive Chairman.
Page 2
Baker Hughes Incorporated News Release
Baker Hughes Announces CEO Succession Plan
Baker Hughes Announces CEO Succession Plan
The Board joins me in congratulating Martin for earning the opportunity to lead Baker Hughes in
the future as the company continues its growth as a leader in our industry. Baker Hughes is
extremely well positioned for the future.
Biographical Information
Martin Craighead, 51, has been with the company since 1986 serving as President since 2010 and
Chief Operating Officer since 2009, Senior Vice President from 2009 to 2010, Group Vice President
of Drilling and Evaluation beginning in 2007, Vice President of the company from 2005 until 2009,
and in various officer positions with numerous Baker Hughes subsidiaries as well as leadership
roles in a wide variety of product lines both in the US and foreign countries.
Forward Looking Statements
This news release (and oral statements made regarding the subjects of this release), contain
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a
forwardlooking statement). The words will, and similar expressions are intended to identify
forwardlooking statements. Our expectations with regard to succession matters are subject to
various factors and conditions. These forward-looking statements are also affected by the risk
factors described in the companys Annual Report on Form 10-K for the year ended December 31, 2010
and those set forth from time to time in other filings with the Securities and Exchange Commission
(SEC). The documents are available through the companys website at
http://www.bakerhughes.com/investor or through the SECs Electronic Data Gathering and Analysis
Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or
revise any forwardlooking statement.
Baker Hughes provides reservoir consulting, drilling, pressure pumping, formation evaluation,
completion and production products and services to the worldwide oil and gas industry.
completion and production products and services to the worldwide oil and gas industry.
* * *