Ahmed Moghal
Baker HughesAbout Ahmed Moghal
Ahmed Moghal is Executive Vice President and Chief Financial Officer (CFO) of Baker Hughes, appointed effective February 24, 2025, at age 43 . He previously served as SVP & CFO of Industrial & Energy Technology (IET) since 2023 and was FP&A Leader at the Baker Hughes–GE Oil & Gas merger in 2017; he began his career at GE in the Financial Management Program and Corporate Audit Staff . Company performance context for pay-for-performance: in 2024, adjusted EPS increased 47%, adjusted EBITDA rose 22%, free cash flow reached $2.26B (+10% YoY), and TSR outperformed key OFS and industrial peers; 2024 financial STI metrics exceeded targets across revenue, adjusted EBITDA, adjusted EBITDA margin, and FCF .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Baker Hughes (Industrial & Energy Technology) | Senior Vice President & CFO | 2023–2025 | Led IET finance; part of company-wide free cash flow initiatives; deep domain across both segments |
| Baker Hughes | FP&A Leader (post-merger with GE Oil & Gas) | 2017–— | Drove performance across multiple business models and cycles during integration phase |
| GE | Financial Management Program; Corporate Audit Staff | — | Built global finance expertise; foundation for performance and controls leadership |
External Roles
No external directorships or public company board roles disclosed in available SEC filings (reviewed DEF 14A and 8-Ks) .
Fixed Compensation
| Component | Value | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $750,000 | Feb 24, 2025 | Per CFO promotion offer letter |
| Target Bonus | 100% of base salary | Feb 24, 2025 | Actual payout based on Company and individual performance |
Performance Compensation
Short-Term Incentive (Company 2024 Financial Metrics and Outcomes; basis for NEO payouts)
| Metric | Weighting | Threshold (50%) | Target (100%) | Maximum (200%) | Actual Result | Payout Multiple | Weighted Payout |
|---|---|---|---|---|---|---|---|
| Revenue | 10% | $26B | $27.5B | $29.5B | $27.8B | 116% | 12% |
| Adjusted EBITDA ($) | 25% | $4.0B | $4.3B | $4.7B | $4.6B | 173% | 43% |
| Adjusted EBITDA Margin (%) | 10% | 14.5% | 15.6% | 17.0% | 16.5% | 163% | 16% |
| Free Cash Flow (FCF) | 25% | $1.75B | $2.05B | $2.50B | $2.26B | 146% | 37% |
| Weighted Financial Payout | 70% | — | — | — | — | 154% | 108% |
Strategic Blueprint Priorities (supplemental to financial metrics – safety, growth/transformation, sustainability/leadership, shareholder returns):
| Component | Expectation | Result | Payout Multiple | Total Weighted Payout |
|---|---|---|---|---|
| Composite (Safety & Compliance; Growth & Transformation; Sustainability & Leadership; Shareholder Returns) | As disclosed | Met/exceeded objectives; TSR outperformance vs SLB/HAL/OSX and HON/EMR/S&P 500 Industrials; dividend increased; buybacks executed | 107% | 32% |
Final 2024 STI corporate funding approved at 140% of target; CEO at 160%, other NEOs 130–150% (Ahmed’s CFO role began in 2025; his offer letter links bonus to Company and individual performance going forward) .
Long-Term Incentive (PSUs and RSUs program design)
| Award Type | Design | Core Metrics & Weighting | Measurement Period | Payout Formula |
|---|---|---|---|---|
| PSUs | Performance-based stock units | FCF Conversion (50%); ROIC (50%); TSR modifier ±50% | Three-year performance period; example: 2024–2026 for annual cycle | Straight-line interpolation; subject to TSR modifier vs Performance Peer Group and S&P 500 Industrials median |
| RSUs | Time-based restricted stock units | — | Typically vest pro rata one-third annually over three years (for NEO program) | Service-based vesting |
2022 PSU outcome (vested based on 2021–2024 performance): Weighted payout 125.05% with TSR modifier 1.334x; total payout 166.82% .
Top-up Equity with Promotion: $2,155,000 grant-date value, 50% RSUs and 50% PSUs, with the same performance conditions and service-based vesting terms as his January 2025 awards in prior role .
Equity Ownership & Alignment
| Ownership Detail | As of Date | Shares / Units | Notes |
|---|---|---|---|
| Shares Owned (beneficial) | Mar 24, 2025 | 29,328 | Includes 12,974 shares held by spouse |
| Shares subject to options/RSUs that are or will become exercisable/vested by May 23, 2025 | May 23, 2025 | 27,083 | Includes 5,128 options held by spouse |
| Total Beneficial Ownership | Mar 24, 2025 | 56,411 | Less than 1% of class; percent not shown <1% |
| Shares Outstanding (reference for % calc) | Mar 24, 2025 | 990,349,581 | Company-wide |
- Insider Trading Policy: Directors and executive officers are prohibited from hedging (derivatives) and from pledging Company stock as collateral .
- Stock ownership guidelines and clawbacks: Company employs robust stock ownership guidelines and a comprehensive clawback policy (SEC-compliant and misconduct unrelated to restatement); no dividend equivalents on unvested equity; no gross-ups in new arrangements .
Employment Terms
| Term | Detail |
|---|---|
| Appointment | EVP & CFO effective Feb 24, 2025 |
| Base Salary | $750,000 |
| Target Bonus | 100% of base; contingent on Company/individual performance |
| LTIP Participation | Eligible under 2021 Long-Term Incentive Plan |
| Promotion Top-up Equity | $2,155,000 grant-date value; 50% RSUs, 50% PSUs; same conditions as Jan 2025 awards |
| Governance/Policies | Double-trigger for change-in-control severance payments; robust stock ownership guidelines; comprehensive clawback; no hedging/pledging; no option repricing; no gross-ups in new executive arrangements |
Related Party Disclosures (Item 404(a)):
| Party | 2024 Compensation | Separation Agreement | Notes |
|---|---|---|---|
| Spouse (Judit Prieto Matesanz) | ~£1,183,000 | Employment terminated effective Dec 31, 2024; cash separation payment ~£1,300,000 payable July 2025 | Company disclosed the relationship and amounts; no other transactions requiring disclosure |
Performance & Track Record
- CFO leadership and focus: Company reaffirmed 2025 outlook; targets include achieving 20% EBITDA margin in OFSE for 2025 and IET in 2026, returning 60–80% of free cash flow to shareholders; Moghal highlighted capital allocation discipline and margin improvement focus .
- Certifications: As CFO, Moghal signed Q3 2025 SOX 302 and 906 certifications and the 10-Q, indicating responsibility for controls and fair presentation .
Company performance highlights (context for pay and incentives):
| Metric | 2024 Result |
|---|---|
| Orders | $28.2B |
| Adjusted EPS | +47% YoY (non-GAAP) |
| Adjusted EBITDA | +22% YoY (non-GAAP) |
| Free Cash Flow | $2.26B; +10% YoY (non-GAAP) |
| R&D Spend | $643M |
| New Energy Orders | $1.3B |
| TSR vs Peers | Outperformed OFS peers (SLB, HAL, OSX Index) and industrial peers (HON, EMR, S&P 500 Industrials) |
Investment Implications
- Strong pay-for-performance alignment: CFO’s annual bonus is tied to Company and individual performance; LTIs emphasize FCF conversion and ROIC with a TSR modifier, supporting shareholder value creation and capital efficiency .
- Retention and selling pressure: Promotion “top-up” equity ($2.155M) and standard RSU/PSU structures bolster retention; near-term vesting/exercisability of 27,083 shares by May 23, 2025 is modest relative to float, implying limited insider selling pressure .
- Governance risk mitigants: Prohibitions on hedging/pledging, robust clawbacks, and double-trigger CIC terms reduce alignment risk; no gross-ups in new executive arrangements is shareholder-friendly .
- Execution focus: Public margin targets (OFSE 20% in 2025; IET 20% in 2026), stated FCF return policy (60–80%), and Moghal’s prior role leading FCF efforts suggest continued emphasis on profitability, cash generation, and disciplined capital allocation—key levers for valuation and equity performance .