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NEWS RELEASE
BAKER HUGHES NAMES MICHAEL E. WILEY NEW CEO
Houston, Texas -- July 19, 2000. Baker Hughes Incorporated,
(NYSE:BHI)(PCX:BHI)(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 of Atlantic Richfield
Company (ARCO) until completion of its sale to BP Amoco 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 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 in our CEO 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.
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