Mastering the transition tightrope
Lorenzo Simonelli has reinvigorated Baker Hughes’ oilfield business lines while positioning it to be at the forefront of the energy transition
Petroleum Economist CEO of the year Lorenzo Simonelli has navigated Baker Hughes through one of the most transformational periods in its 112-year history. It recently emerged from a brief spell as a GE company as a thoroughly modern ‘energy technology company’, positioned for the energy transition and starting to post some impressive numbers. GE announced in October 2016 it was to acquire Baker Hughes Inc. and integrate it with GE Oil & Gas to form a single player, Baker Hughes, a GE company. The transaction closed in July 2017, but the original arrangement was to be very short-lived; in November 2017 GE announced it would exit its financial position in the combined business in an order
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