Baker Hughes Co. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Baker Hughes Company and Baker Hughes Holdings LLC on July 29, 2021. The report addresses Item 5.02 regarding the departure of directors or certain officers, specifically focusing on compensatory arrangements for the Chief Financial Officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to executive compensation adjustments and does not contain financial performance data.
Material Changes
The primary material change disclosed is an adjustment to the compensation package of Brian Worrell, Chief Financial Officer, approved by the compensation committee on July 29, 2021:
- Base Salary: Increased to $1,000,000 annually, effective August 8, 2021.
- Short-Term Incentive: Target compensation opportunity increased to 125% of annual base salary, effective retroactively to January 1, 2021.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary on operations, risks, contingencies, or unusual items. The document is strictly a disclosure of executive compensation changes.
Key Facts for Investor Verification
- Verify the effective dates for the salary increase (August 8, 2021) and the incentive target adjustment (January 1, 2021).
- Confirm the total annual compensation impact based on the new 125% incentive target relative to the $1,000,000 base salary.
- Review subsequent filings to ensure no other undisclosed changes to executive compensation occurred during this period.