Exhibit 99.1
Contact:
|
Baker Hughes Incorporated | |
Gary R. Flaharty (713) 439-8039
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P.O. Box 4740 | |
H. Gene Shiels (713) 439-8822
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Houston, Texas 77210-4740 |
Baker Hughes Names Peter A. Ragauss CFO
HOUSTON, Texas — March 28, 2006. Baker Hughes Incorporated (BHI — NYSE; EBS) announced
today that Peter A. Ragauss, 48, has been appointed senior vice president and chief financial
officer for Baker Hughes effective April 26, 2006.
Mr. Ragauss currently serves as segment controller of refining and marketing for BP plc in London,
a position he has held since 2003. Prior to his current position he served as chief executive
officer of Air BP and before that as assistant to the group chief executive of BP. Prior to joining
BP in 1998 he served as vice president of finance and portfolio management for Amoco Energy
International, vice president of finance for El Paso Energy International and vice president of
corporate development for Tenneco Energy.
Mr. Ragauss earned a Bachelor’s degree in Mechanical Engineering in 1980 from Michigan State
University and a Master of Business Administration from Harvard Business School in 1987.
Chad C. Deaton, Baker Hughes chairman and chief executive officer, said, “Peter Ragauss brings a
strong background in financial and corporate management as he joins the Baker Hughes team. He is
an experienced financial officer, responsible for external financial reporting, Sarbanes-Oxley
compliance, and management systems for BP’s refining and marketing segment. Peter is a seasoned
leader, having served as CEO of Air BP’s global operations. He has also demonstrated his strategic
planning skills having served as assistant to the group chief executive. I am looking forward to
Peter joining our management team as we continue to advance Baker Hughes as a world-class service
company.”
“Steve Finley has agreed to continue with Baker Hughes through the end of April serving as senior
vice president — finance and administration and chief financial officer until Peter Ragauss assumes
those responsibilities on April 26, 2006. I once again want to thank Steve for his leadership and
dedication to Baker Hughes.”
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