Chart Industries CEO to Step Down Amid Baker Hughes Acquisition

NEW YORK, NY – November 17, 2025

Leadership Shift at a Critical Juncture

Chart Industries (NYSE: GTLS) CEO Jill Evanko will step down from her role in early 2026, transitioning to a Senior Advisor position to ensure a smooth handover as the company is acquired by Baker Hughes (NASDAQ: BKR), a deal expected to close by mid-2026. The move marks a significant leadership change at a pivotal moment for Chart, as it prepares to integrate with Baker Hughes and capitalize on growing demand for clean energy technologies. An interim CEO will be appointed from within Chart to manage the transition.

Evanko’s nine-year tenure at the helm of Chart has been characterized by substantial growth and strategic shifts, positioning the company as a leader in cryogenic technology and equipment for gas and liquid molecule handling. She successfully steered the company through a dynamic period, expanding its focus into high-growth sectors like liquefied natural gas (LNG), data centers, and carbon capture. “She really focused on long-term value creation, not just short-term gains,” noted one industry observer. “That’s a legacy that will continue to shape the company.”

The Strategic Rationale Behind the Acquisition

The $13.6 billion all-cash acquisition by Baker Hughes reflects a broader trend of consolidation within the energy sector, and a strategic push toward energy transition technologies. Baker Hughes aims to leverage Chart’s expertise in cryogenic solutions to enhance its offerings in LNG, hydrogen, and industrial gas markets. The deal is expected to contribute significantly to Baker Hughes’ growth and profitability, with projected double-digit EPS accretion in the first full year following completion.

Analysts believe the acquisition is a strong strategic fit for Baker Hughes, allowing the company to expand its footprint in critical, high-growth sectors. “Chart's technologies are incredibly valuable in the evolving energy landscape,” said a financial analyst covering the energy sector. “Combining that with Baker Hughes’ scale and global reach creates a powerful synergy.” Baker Hughes anticipates approximately $325 million in annualized cost synergies within three years of closing, achieved through manufacturing efficiencies, supply chain consolidation, and optimized research and development.

Ensuring a Seamless Transition

Chart Industries is actively preparing for a smooth integration with Baker Hughes, prioritizing operational alignment and minimizing disruption. Evanko's continued involvement as a Senior Advisor is seen as crucial to this process. “Her deep understanding of the company’s technology, culture, and customer relationships will be invaluable during the integration phase,” explained an industry source. The company has established cross-functional teams to address key integration areas, including technology transfer, supply chain optimization, and organizational alignment.

Shareholders overwhelmingly approved the acquisition in October, signaling confidence in the deal's potential. Chart reported strong financial performance leading up to the announcement, with record orders in the third quarter of 2025, further validating the company’s value and attractiveness as an acquisition target. Despite a loss reported in Q3 related to the termination of a previous merger agreement, underlying financial strength contributed to investor confidence. “The company is in a solid position financially, and that made it a more attractive target,” added an investment banker familiar with the deal.

While the majority of attention remains on the synergies of the deal, Baker Hughes has highlighted the importance of maintaining the culture of innovation at Chart. “They recognize the value of the team and the intellectual property they’ve built,” noted a source familiar with the integration plans. “A key priority is to ensure that the innovation pipeline continues to thrive within the combined organization.”

Looking Ahead: Chart's Future Under Baker Hughes

The acquisition is expected to significantly expand Baker Hughes' presence in the growing LNG market. Chart's technology is utilized in approximately 90% of global LNG projects, and the combined company is well-positioned to capitalize on increasing demand for this cleaner energy source. Furthermore, the combination will strengthen Baker Hughes’ offerings in hydrogen and carbon capture technologies, critical components of the energy transition.

The acquisition is likely to accelerate the deployment of these technologies, driving innovation and contributing to a more sustainable energy future. Chart's expertise in cryogenic solutions will complement Baker Hughes’ existing portfolio, creating a comprehensive suite of technologies for the evolving energy landscape. “This is about building a more resilient and sustainable energy future,” said one industry insider. “And this deal positions both companies to play a leading role in that transformation.”

As Chart prepares to embark on this new chapter under Baker Hughes' ownership, the focus remains on maximizing synergies, driving innovation, and delivering value to stakeholders. Evanko’s continued guidance as a Senior Advisor will be instrumental in ensuring a seamless transition and setting the stage for long-term success.