Ragauss Named Baker Hughes' CFO

Baker Hughes has appointed Peter A. Ragauss, 48, its senior vice president and chief financial officer. The appointment is effective April 26.

Ragauss currently serves as segment controller of refining and marketing for BP in London, a position he has held since 2003. Previously, he served as chief executive officer of Air BP and, before that, as assistant to the group chief executive of BP. Before joining BP in 1998, he served as vice president of finance and portfolio management for Amoco Energy International, vice president of finance for El Paso Energy International, and vice president of corporate development for Tenneco Energy.

Ragauss earned a Bachelor's degree in mechanical engineering from Michigan State University in 1980 and a master of business administration from Harvard Business School in 1987.

"Peter Ragauss brings a strong background in financial and corporate management as he joins the Baker Hughes team," said Chad C. Deaton, Baker Hughes chairman and chief executive officer. "He is an experienced financial officer, responsible for external financial reporting, Sarbanes-Oxley compliance, and management systems for BP's refining and marketing segment. Peter is a seasoned leader, having served as CEO of Air BP's global operations. He has also demonstrated his strategic planning skills having served as assistant to the group chief executive. I am looking forward to Peter joining our management team as we continue to advance Baker Hughes as a world-class service company."

"Steve Finley has agreed to continue with Baker Hughes through the end of April serving as senior vice president--finance and administration and chief financial officer until Peter Ragauss assumes those responsibilities," added Deaton. "I once again want to thank Steve for his leadership and dedication to Baker Hughes."