Baker Hughes Incorporated held its annual stockholders meeting this morning in Houston, Texas. At its regularly scheduled Board of Directors meeting following the annual meeting, the Board, acting in accordance with its established succession plan, approved the transition of Chad C. Deaton, Chairman of the Board and Chief Executive Officer, to the new role of Executive Chairman beginning January 1, 2012. At that time Martin S. Craighead will assume the position of Chief Executive Officer in addition to his role as President of Baker Hughes.

Mr. Deaton said, "In October 2011, I will have served seven years as the leader of Baker Hughes. We have accomplished the major objectives I had when I joined the company in the fall of 2004 and I am very proud to have shared this success with our outstanding employees, management team and Board of Directors. We have expanded and refocused the company, building its competitive strengths while maintaining financial discipline and improving our returns. We have established a strong culture based on our Core Values of Integrity, Performance, Learning and Teamwork.

"I have tremendous respect for Martin's abilities and confidence in his leadership. As an experienced operations executive, Martin has an exceptional background for the CEO role. He has been with the company for over 25 years, including management roles in both the United States and other countries. He is one of the veterans of the company's management team who has effectively mobilized our people and technology into a new geographic alignment as a leading global supplier of oilfield services."

H. John Riley, Lead Director of the company's Board of Directors, said that "The entire board is extremely appreciative of Chad Deaton's outstanding leadership and significant contributions to the success of Baker Hughes over the past several years. He has implemented a strategy for growth and improved performance that has reenergized and broadened the horizons for the company. We look forward to Chad's active involvement in his new role as Executive Chairman.

"The Board joins me in congratulating Martin for earning the opportunity to lead Baker Hughes in the future as the company continues its growth as a leader in our industry. Baker Hughes is extremely well positioned for the future."

Tags: Baker Hughes Incorporated