Baker Hughes' Ballantyne Retiring

Martin Craighead will replace the longtime drilling exec.
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Baker Hughes

(BHI)

said Ray Ballantyne would retire as president of its Inteq unit.

The Houston-based oil services company said Martin S. Craighead would replace Ballantyne, who is leaving after 30 years at the drilling unit. David Barr will replace Craighead, who had been president of Baker Atlas, until a full-time successor can be found.

"Under Ray Ballantyne's leadership, Inteq has introduced new products and technologies and significantly improved its financial performance," said Baker Hughes President Rod Clark. "Martin Craighead brings a strong technical background to Inteq along with a strong and growth-oriented leadership style."

Ballantyne, 55, will retire Aug. 1.

On Monday, Baker Hughes dropped 18 cents to $51.49.