Lorenzo Simonelli, Chairman & CEO, Baker Hughes a GE company
Mr. Simonelli kicked off AM2018 by recapping how the industry has changed, and how BHGE is responding to help our customers address market and operating challenges—to reduce costs, improve efficiency and productivity, strengthen industrial yield, and reduce carbon footprint.
We come to you as a new company, focused on three key pillars. First, we must accelerate the work underway in the downturn to reduce costs of goods and services, reduce cycle time, and improve asset utilization and reliability of the equipment delivered to reduce overall cost of doing business. Second, we must develop integrated and differentiated solutions that reduce CAPEX and OPEX, drive improvements in productivity and reduce non-productive time. And third, we wish to drive value creation through outcome performance solutions. We call it fullstream—and it will drive radical improvements in industrial yield by offering new concepts at a project level.
This is why we created BHGE—to invent smarter ways to bring energy to the world.
Mr Lorenzo Simonelli, Chairman & CEO, Baker Hughes, a GE company
2017 started with major industry challenges, but it ended with supply and demand rebounds. 2018 looks much brighter, but the energy world has seen massive changes in new alternative sources and pricing structures. The industry is being redefined by the need to keep pace with the digital revolution and deliver a lower carbon footprint. A new cycle won’t make things all better, so we must continue to join forces and work together.
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Lorenzo Simonelli is Chairman and CEO of Baker Hughes (NASDAQ:BKR). Baker Hughes is an energy technology company that combines innovation, expertise and scale to provide solutions for energy and industrial customers worldwide.
Simonelli was named Chairman of the Board in October 2017 and has been President and CEO sinc...