'Baker Hughes' CEO Sells Shares Worth Billions... Adjusts Stake According to 10b5-1 Plan

Lorenzo Simonelli, chairman and CEO of energy technology company Baker Hughes (NYSE: BKR), exercised stock options on March 11 to acquire Class A common shares and then, under a pre-arranged 10b5-1 trading plan, sold several hundred thousand shares that same day, reducing his direct holdings. On March 16, the company’s Chief Growth and Experiences Officer also disposed of tens of thousands of shares under a separate 10b5-1 plan, cashing in part of his stake.

Baker Hughes recently finalized terms for issuing $6.5 billion and €3 billion of senior notes to finance its acquisition of Chart Industries, with the deal targeted to close by mid-2026. In January, the company also spun off its Wellhead & Controls business and completed a joint venture with Cactus, part of an ongoing portfolio restructuring and financial-strengthening effort.

Headquartered in Houston, Texas, and London, UK, Baker Hughes is a global energy technology company that supplies oil-and-gas drilling and production services, as well as equipment and solutions for energy transition—including LNG, carbon capture, and hydrogen—to over 120 countries. Simonelli has served as chairman and CEO since 2017, when he joined from GE, leading portfolio realignment and expansion of energy-transition businesses.