Baker Hughes Names Michael E. Wiley New CEO.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--July 19, 2000 Baker Hughes Incorporated, (NYSE NYSE See: New York Stock Exchange :BHI BHI Baker Hughes Incorporated BHI Brain Heart Infusion (agar) BHI Better Hearing Institute BHI British Horological Institute (UK) BHI Boots Healthcare International BHI Branch If Higher )(PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :BHI)(EBS See Swiss Electronic Bourse. EBS See electronic blue sheet (EBS). :BHI), announced today that Michael E. Wiley, 49, will become its chairman of the board, president, and chief executive officer on August 14, 2000. The appointment concludes the company's search for a new chief executive, which began in February 2000. Mr. Wiley was president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Atlantic Richfield Company (ARCO) until completion of its sale to BPAmoco in May 2000. Previously, he served as chairman, president, and chief executive officer of Vastar Resources, Inc., a publicly traded independent oil and gas company in which Arco held a majority interest. Mr. Wiley began his 28-year career with ARCO in 1972 as a drilling engineer. He served in numerous engineering and operational assignments in ARCO's lower 48, Alaska and international oil and gas operations. He also managed ARCO Oil and Gas's planning function, and, later headed the corporation's exploration and production technology organization. He became president of ARCO Oil and Gas in 1993. Mr. Wiley earned a B.S. degree in petroleum engineering from the University of Tulsa in 1972 and an M.B.A. degree from the University of Dallas The University of Dallas is a Catholic institution. It seeks to educate its students to develop the intellectual and moral virtues, to prepare themselves for life and work, and to become leaders in the community. in 1982. Victor G. Beghini, chairman of the search committee of the Baker Hughes board, commented, "Mike Wiley is a strong leader and a tough-minded businessman, with hands-on technical and operating knowledge of the oil field. At Vastar, he demonstrated that he could mobilize people, assets, and technology to achieve change, growth, and solid profitability. Mike clearly has the qualities we were looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. in our CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. search." "I have long respected the products and services of Baker Hughes," Mr. Wiley said. "I am looking forward to working closely with our employees, customers, and stockholders as we become the premier performer in our industry." In a related matter Lester M. Alberthal, Jr. and Joe B. Foster agreed to serve as directors of Baker Hughes until the April 2001 annual meeting of stockholders. Having completed their ten-year "term limit" in April 2000, they previously had stated their intention to resign from the board upon the selection of a new CEO. Mr. Wiley and members of the board requested this extension to assure continuity during the CEO transition. Mr. Foster will continue to serve as interim chairman, president, and CEO until Mr. Wiley reports to work on August 14, 2000. Baker Hughes is a leading supplier of reservoir-centered products, services and systems to the worldwide oil and gas industry. NOT INTENDED FOR BENEFICIAL HOLDERS |
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