Barclays sees Baker Hughes ‘sticking to playbook’ after ‘surprising’ IET exit

Barclays notes that Baker Hughes (BKR) announced this morning that the head of its Industrial & Energy Technology unit, Ganesh Ramaswamy, is leaving the company and that Maria Claudia Borras, currently Chief Growth and Experience Officer, will be assuming his role on an interim basis. While Ramaswamy’s exit creates a gap as he was often credited with Baker’s greatly improved process and execution in IET, the firm sees the company keeping “the same playbook and story intact” with a deep bench of talent and a growing backlog, notes the analyst, who has an Overweight rating and $53 price target on Baker Hughes.