It’s a known fact that CEO and executives love merger deals that offer them golden parachutes with million of dollars. Later this year when Houston-based Baker Hughes merges with Boston-based General Electric’s Oil and Gas, Baker Hughes CEO will receive $41 million from GE deal.
This $41 million golden parachute for Baker Hughes Chairman and CEO Martin Craighead is 40% higher than the $29 million he would have pocketed if Halliburton had successfully bought out Baker Hughes in 2016. In another words, no one out of 30,000 plus employees at Baker Hughes benefits more from the merger than CEO Craighead.
After the merger, Craighead, who is currently paid $13.5 million annually, will become vice chairman of the new company, Baker Hughes, a GE Company.
In addition, five other Baker Hughes executives will receive golden parachutes of more than $10 million each when the deal is finalized later this year.
- Belgacem Chariag, president: $18 million
- Arthur Soucy, technology and products president: $16 million
- Kimberly Ross, chief financial officer: $15 million
- Richard Williams, senior adviser: $13 million
- Derek Mathieson, chief commercial officer: $10 million.