Lorenzo Simonelli

Chairman, President, and CEO at Baker Hughes

Board

Since July 2017

Age

51 years

Education

Graduated with a Business & Economics degree from Cardiff University in South Wales.

Tenure

Joined Baker Hughes in July 2017 as President and CEO, later assuming the role of Chairman in October 2017.

Also at Baker Hughes

Amerino Gatti

EVP, Oilfield Services and Equipment

Ganesh Ramaswamy

EVP, Industrial & Energy Technology

Georgia Magno

Chief Legal Officer

About

Lorenzo Simonelli has established himself as a seasoned leader in the energy and industrial sectors, beginning his career with critical finance and leadership roles that laid the foundation for a transformative approach to corporate management.

Before his tenure at Baker Hughes, he held significant executive positions, including leading GE Transportation and spearheading GE Oil & Gas as both Senior Vice President and CEO. These roles enabled him to hone his skills in operational excellence and strategic decision-making.

At Baker Hughes, his comprehensive leadership role as Chairman, President, and CEO marks a period of strategic innovation and robust governance. His active participation in board-level responsibilities across other major global companies further underscores his commitment to driving sustainable business practices and operational growth.

$BKR Performance Under Lorenzo Simonelli

Past Roles

Organization	Role	Date Range	Details
General Electric (GE)	Senior Vice President, GE and President & CEO, GE Oil & Gas	October 2013 - July 2017	Served as both Senior Vice President and CEO of GE Oil & Gas.
General Electric (GE)	President & CEO, GE Transportation	July 2008 - October 2013	Headed GE Transportation as its President & CEO.
General Electric (GE)	Various Finance and Leadership Roles	1994 - 2008	Held multiple positions of increasing responsibility in finance and leadership at GE.

External Roles

Organization	Role	Date Range
Iveco Group N.V.	Board Member	N/A

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$1,620,000	Annual	Fixed annual salary.
Life Insurance & AD&D Coverage	$3,240,000	Annual Effective Coverage	Coverage equals 2× base salary.
Long-Term Disability Program	$972,000 annually	Annually (if qualifying disability)	Provides 60% income replacement benefit.
Universal Life Insurance - Executive Life Policy	$3,374,616	Per policy terms	Coverage initiated at $3M, increasing by 4% per annum (since 2020).
Universal Life Insurance - Leadership Life Policy	$5,475,600	Per policy terms	Coverage equals 2× (base salary + most recent bonus).

Performance Compensation

Data from FY 2023

Short-Term Incentive Plan Bonus

Metric	Threshold	Target	Maximum	Weighting	Actual	Payout Percentage
Revenue	$23.5B	$24.6B	$26.5B	10%	$25.5B	150%
Adjusted EBITDA	$3.4B	$3.65B	$3.95B	25%	$3.76B	140%
Free Cash Flow (FCF)	$1.25B	$1.5B	$1.8B	35%	$2.05B	200% (capped)

Weighted Financial Metrics Payout: 120%

Component	Weighting	Achievement
Strategic Blueprint Priorities	30%	20%

Overall Bonus Payout: 140% of target

Bonus Amounts:

Target Bonus: $2,754,000
Actual Bonus: $3,855,600

Performance Share Units (PSUs)

Detail	Value
Performance Metrics	FCF Conversion, ROIC, TSR
Payout Structure	Threshold/Target/Maximum (Max = 225% of target)
Grant Date	January 24, 2023
Grant Date Fair Value	$7,483,559
Number of Units	228,855 PSUs
Vesting Schedule	Cliff vest after 3 years if performance criteria met

Final Cash-Based Transformation Incentive Award

Detail	Value
Adjusted EBITDA% Improvement	3.4%; Payout Multiple: 86%; Weighted: 30.1%
Adjusted EBITDA% Cumulative Average	14%; Payout Multiple: 63.83%; Weighted: 22.34%
Total Weighted Payout (Financial Component)	52.44%
Strategic Component Achievement	30%
Overall Payout	82.44%
Target Award	$3,000,000
Actual Award	$2,473,247
Vesting	Vested on December 31, 2023

Accelerated Vesting of RSUs/PSUs in Certain Scenarios

Detail	Value
RSU Grant Date	January 24, 2023
RSU Grant Date Fair Value	$4,599,986 for 152,570 RSUs
RSU Vesting Schedule	Pro rata vesting over 3 years
PSU Vesting	Cliff vesting after 3 years (subject to performance conditions)
Accelerated Vesting Conditions	Change in control and involuntary termination trigger immediate vesting
Note	Specific performance thresholds for accelerated vesting not detailed