Baker Hughes Named to First Fortune Modern Board 25
At a challenging time, these companies are setting themselves up well strategically for long-term, sustainable growth.
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Edited by Margo Ellis
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Baker Hughes has been named to Fortune magazine’s Modern Board 25, which is a list of the most innovative boards of directors among S&P 500 companies. It’s based on the belief that in a rapidly changing business climate, innovation at the board level — and the high performance that comes with it — can be predicted based on who is in the room. As companies seek to drive change on talent strategy, diversity, sustainability and social issues, they’ll need more diversified leadership at the very top. But they’ll also need the insight and strength that come with experience.
Fortune has collaborated with the Diligent Institute, the research arm and think tank of the global corporate-governance software company Diligent, to develop this ranking — based on criteria that include the expertise, independence, diversity and tenure of board membership.
The board of Baker Hughes is led by W. Geoffrey Beattie, CEO of Generation Capital and former chairman of Thomson Reuters. Baker Hughes’ board scores highly in age dispersion, senior independent nonexecutive director representation and ESG.
As of spring 2022, Baker Hughes stock sat at almost 50% higher than its pre-pandemic levels. Analysts say the company has a strong balance sheet and compares well to industry peers because of lower exposure to debt capital. The company rejoined the Fortune 500 in 2021 after previously being owned by GE for two years. Baker Hughes made the decision to pull out of Russia on March 19, in the wake of Russia’s invasion of Ukraine.
CEO Lorenzo Simonelli is also chairman of the board. His fellow directors include three current and former CEOs: Nelda Connors is the CEO of an investment firm and a former executive at Eaton and Ford and former CEO of Atkore International, a subsidiary of Tyco; Lynn Elsenhans is the former CEO and chairman of Sunoco; and Cynthia B. Carroll was the CEO of Anglo American, as well as a business unit CEO and president at Alcan Aluminum.
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