Lorenzo Simonelli (business manager)

Last updated

Lorenzo Simonelli
Lorenzo Simonelli (born 1973) at World Economic Forum Davos 2024.png
Born1973 (age 5051)
Tuscany, Italy
Nationality Italian, Swiss, and British
Education Cardiff University
University of Florence
OccupationBusinessman
TitleCEO, Baker Hughes
TermFebruary 2017-
PredecessorMartin Craighead
Board member ofChairman of the U.S.-Russia Business Council. Board member of CNH Industrial and C3.ai.

Lorenzo Simonelli is the Chairman, President and Chief Executive Officer of Baker Hughes, an energy technology company. [1]

Contents

Early life and education

Simonelli is originally from Tuscany, Italy, where his family owns a vineyard producing wine and olive oil. He moved to London with his father aged 9 [2] and was educated at Highgate School. [3]

Simonelli holds a Bachelor's degree in Business and Economics from Cardiff University, and he received a master's degree honoris causa in Chemical Sciences from the University of Florence in January 2016 "as an acknowledgment for his excellent managerial commitment to develop advanced research in the field of chemical sciences, with particular attention to results that have technological importance." [4] [5]

Career

Simonelli started his career in International and Corporate Finance at Mitsubishi Bank. One of his father's friends, former GE Vice Chairman and chairman of Fiat, Paolo Fresco, advised him to look at GE's training programs. [6] Simonelli joined GE's Financial Management Program in 1994. [7]

In 1997 Simonelli joined GE's Corporate Audit Staff and had assignments in Asia, Europe and the U.S. around both financial and process improvement areas. He progressed to be executive audit manager for European Industrial Businesses in 2001. In 2002, he joined Consumer Products as the financial planning and analysis manager. In April 2004, he became CFO Americas for Consumer & Industrial before being appointed to general manager, Product Management for Appliances, Lighting, Electrical Distribution and Motors in 2005. In 2007 he was promoted to President & CEO EMEA of GE Consumer and Industrial. [8]

In 2008 Simonelli became GE's youngest ever division chief and the first non-American to run GE Transportation. [9] In 2013, he was appointed president of GE's Oil and Gas division, [10] which he ran until the division was merged with Baker Hughes Inc in 2017, becoming Baker Hughes, a GE Company (NYSE:BHGE). [11] He became CEO of the newly formed company, and following GE's divestment from the company in 2019, has continued on as CEO of the independent Baker Hughes Company (NYSE:BKR).

Awards and recognition

Simonelli has been named in Fortune's Forty under Forty in 2009 and 2010. [12] [13] He was named as Petroleum Economist's CEO of the Year in 2019, [14] and listed by ALLY's Energy Voice of 2020 as a leader in the Energy Transition. [15]

Personal life

Simonelli is married, and lives in Houston, Texas. [16]

Related Research Articles

<span class="mw-page-title-main">General Electric</span> American multinational conglomerate

General Electric Company (GE) is an American multinational conglomerate founded in 1892 and incorporated in the state of New York and headquartered in Boston. The company has several divisions, including aerospace, power, renewable energy, digital industry, additive manufacturing, and venture capital and finance.

Halliburton Company is an American multinational corporation and the world's second largest oil service company which is responsible for most of the world's largest fracking operations. It employs approximately 55,000 people through its hundreds of subsidiaries, affiliates, branches, brands, and divisions in more than 70 countries. The company, though incorporated in the United States, has dual headquarters located in Houston and in Dubai.

<span class="mw-page-title-main">Jack Welch</span> American businessman (1935–2020)

John Francis Welch Jr. was an American business executive. He was Chairman and CEO of General Electric (GE) between 1981 and 2001.

<span class="mw-page-title-main">Baker Hughes</span> American oil field services company

Baker Hughes Company, incorporated under Delaware General Corporation Law and headquartered in Houston, is one of the world's largest oil field services companies. The company provides products and services for oil well drilling, formation evaluation, completion, production, and reservoir consulting. It operates in over 120 countries, with research and manufacturing facilities in Australia, Singapore, Malaysia, India, Dubai, Saudi Arabia, Italy, Germany, Norway, Oklahoma, Louisiana and Missouri. From 2017 to 2020, the company was majority owned by General Electric (GE); however, GE no longer owns an economic stake in the company.

<span class="mw-page-title-main">King Fahd University of Petroleum and Minerals</span> Public research university in Dhahran, Saudi Arabia

King Fahd University of Petroleum and Minerals(KFUPM) (Arabic: جامعة الملك فهد للبترول و المعادن, Jāmiʿat al-Malik Fahd li-l-Bitrūl wa-l-Maʿādin – short: Arabic: جامعة البترول Jāmiʿat al-Bitrūl), before 1986 as the University of Petroleum and Minerals, is a public research university in Dhahran, Saudi Arabia. Established in 1963 by King Saud bin Abdulalziz as the College of Petroleum and Minerals, it is ranked among the most prestigious academic institutions in Saudi Arabia and its science, engineering, business, and management programs are highly regarded in the country as well as in the member states of the Gulf Cooperation Council.

<span class="mw-page-title-main">Jeff Immelt</span> American businessman

Jeffrey Robert Immelt is an American business executive currently working as a venture partner at New Enterprise Associates. He previously served as the CEO of General Electric from 2001 to 2017, and the CEO of GE's Medical Systems division from 1997 to 2000. Immelt's tenure saw GE's largest divestments in the company's history, as the company sold almost two-thirds of its subsidiaries and assets.

<span class="mw-page-title-main">Lazard</span> American investment bank

Lazard Inc. is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London.

<span class="mw-page-title-main">Ron Williams</span> American businessperson

Ronald Allen Williams is an American businessman and board director on corporate, public sector and non-profit boards. Williams is the author of Learning to Lead: The Journey to Leading Yourself, Leading Others, and Leading an Organization, which appeared on The Wall Street Journal's best seller list. He is founder, chairman and CEO of RW2 Enterprises, LLC. He is the former chairman, president and chief executive officer (CEO) of Aetna Inc., a diversified benefits company. Aetna is now part of CVS Health.

<span class="mw-page-title-main">Calpine</span> Large energy company in the U.S.

Calpine Corporation is the largest generator of electricity from natural gas and geothermal resources in the United States, with operations in competitive power markets.

GE Measurement & Control Solutions is an affiliate business of Baker Hughes specializing in the design and manufacture of sensing elements, devices, instruments, and systems that enable customers to monitor, protect, control, and validate the safety of their critical processes and applications.

GE Research is the research and development division of General Electric. GE Global Research locations include the Global Research Center in Niskayuna, New York, established as the General Electric Research Laboratory in Schenectady in 1900 and relocated to Niskayuna in 1955, and the John F. Welch Technology Centre in Bangalore, India, established in 2000.

<span class="mw-page-title-main">Dover Corporation</span> American industrial conglomerate corporation

Dover Corporation is an American conglomerate manufacturer of industrial products. The Downers Grove, Illinois-based company was founded in 1955. As of 2021, Dover's business was divided into five segments: Engineered Products, Clean Energy and Fueling, Imaging & Identification, Pumps & Process Solutions and Climate and Sustainability Technologies. Dover is a constituent of the S&P 500 index and trades on the New York Stock Exchange under "DOV". Dover was ranked 433rd in the 2022 Fortune 500. The company relocated its headquarters to Illinois from New York in mid-2010.

<span class="mw-page-title-main">Weatherford International</span> Irish energy company

Weatherford International plc, an American–Irish public limited company, together with its subsidiaries, is a multinational oilfield service company and one of the largest companies in the world in oil services. Weatherford is a company providing equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. Many of the company's businesses, including those of predecessor companies, have been operating for more than 50 years.

<span class="mw-page-title-main">Bently Nevada</span> Technology and service company

Bently Nevada is an asset protection and condition monitoring hardware, software and service company for industrial plant-wide operations. Its products are used to monitor the mechanical condition of rotating equipment in a wide variety of industries including oil and gas production, hydroelectric, wind, hydrocarbon processing, electric power generation, pulp and paper, mining, water and wastewater treatment. The company was founded in 1961 by Don Bently. Bently Nevada is headquartered in Minden, Nevada, about one hour south of Reno. Don Bently was the first to manufacture a commercially successful eddy-current proximity probe which measured vibration in high-speed turbomachinery by allowing the direct observation of the rotating shaft. The company also performed research in the field of rotordynamics, furthering knowledge of machinery malfunctions such as shaft cracks and fluid-induced instabilities. Its research also helped refine the equations used to describe vibratory behavior in rotordynamic systems.

<span class="mw-page-title-main">GE Power</span> American energy technology company

GE Power is an American energy technology company, owned by General Electric.

<span class="mw-page-title-main">Joe B. Foster</span> American businessman (1934-2020)

Joe B. Foster was an American businessman, oilman and philanthropist from Texas. From 1989 to 2005, Foster was chairman, president, and chief executive officer of Newfield Exploration Company, headquartered in Houston. Previously, Foster was chairman of Tenneco Oil Company and executive vice president and director of its parent, Tenneco Inc. He was with Tenneco for 31 years and also served as chairman of the Tenneco Gas Pipeline Group.

<span class="mw-page-title-main">Prashant Ranade</span>

Prashant Ranade has been with Atos Syntel since 2007 till his retirement from the company in May 2020. He was the Co-Chairman of Syntel, Inc., a position to which he was appointed on 3 November 2016. He was formerly Executive Vice Chairman of Syntel's Board of Directors and also served as the company's Chief Executive Officer and President from February 2010.

<span class="mw-page-title-main">GE Oil and Gas</span> Division of General Electric

GE Oil & Gas was the division of General Electric that owned its investments in the petroleum industry. In July 2017, this division was merged with Baker Hughes.

Current Lighting Solutions, LLC, trading as Current, is a company that sells energy management systems. It is headquartered in Greenville, SC, U.S. The company appointed Steve Harris as its new Chief Executive Officer, succeeding interim CEO Bill Tolley on May 30, 2023.

<span class="mw-page-title-main">GE Digital</span>

GE Digital is a subsidiary of the American multinational conglomerate corporation General Electric. Headquartered in San Ramon, California, the company provides software and industrial internet of things (IIoT) services to industrial companies.

References

  1. "Company leadership | Baker Hughes". www.bakerhughes.com. Retrieved 26 April 2021.
  2. Blum, Jordan; Hunn, David (8 July 2017). "Q&A: Lorenzo Simonelli on GE, new Baker Hughes, giving up family business". Houston Chronicle. Retrieved 26 April 2021.
  3. Hughes, Patrick. Highgate School Register 1833-1988 (7th ed.). p. 431.
  4. "Laurea honoris causa a Lorenzo Simonelli | News | Università degli Studi di Firenze | UniFI". www.unifi.it (in Italian). Retrieved 26 April 2021.
  5. "CNH Industrial - FileDownload" (PDF). www.cnhindustrial.com. Retrieved 26 April 2021.
  6. Blum, Jordan; Hunn, David (8 July 2017). "Baker Hughes CEO knows wine, seeks to blend two companies". Houston Chronicle. Retrieved 26 April 2021.
  7. Business, Leonard N. Stern School of; York, NYU Where 44 W. 4th St 10012 New; Maps, NY United States See map: Google. "Speaking about "Leadership" with Lorenzo Simonelli, Fortune's one of the top 40 under '40 most influential people". iItaly.org. Retrieved 26 April 2021.{{cite web}}: |last= has generic name (help)CS1 maint: numeric names: authors list (link)
  8. Business, Leonard N. Stern School of; York, NYU Where 44 W. 4th St 10012 New; Maps, NY United States See map: Google. "Speaking about "Leadership" with Lorenzo Simonelli, Fortune's one of the top 40 under '40 most influential people". iItaly.org. Retrieved 26 April 2021.{{cite web}}: |last= has generic name (help)CS1 maint: numeric names: authors list (link)
  9. "40 under 40 - 24. Lorenzo Simonelli (24) - FORTUNE". archive.fortune.com. Retrieved 26 April 2021.
  10. "GE Names Three to Leadership Positions". www.businesswire.com. 18 September 2013. Retrieved 26 April 2021.
  11. Blum, Jordan; Hunn, David (8 July 2017). "Q&A: Lorenzo Simonelli on GE, new Baker Hughes, giving up family business". Houston Chronicle. Retrieved 26 April 2021.
  12. "40 under 40 - 24. Lorenzo Simonelli (24) - FORTUNE". archive.fortune.com. Retrieved 26 April 2021.
  13. "40 under 40 - Lorenzo Simonelli (11) - FORTUNE". archive.fortune.com. Retrieved 26 April 2021.
  14. "Petroleum Economist reveals 2019 awards winners". pemedianetwork.com. Retrieved 26 April 2021.
  15. Mehnert, Katie. "ALLY Introduces the Top Energy Voices of 2020 | ALLY™". allyenergy.com/. Retrieved 26 April 2021.
  16. "Lorenzo Simonelli, Chairman, President and CEO". Baker Hughes . Retrieved 26 April 2021.