Baker Hughes Names Chief

Baker Hughes Inc. named Michael Wiley, former senior executive with Atlantic Richfield Co., as president, chairman and chief executive of the oil-field-services company, effective Aug. 14.

Wiley, 49, had been president and chief operating officer of Arco until it was acquired by BP Amoco in April for $33 billion. Wiley worked with the oil firm for 27 years.

Houston-based Baker Hughes had been looking for a new leader since January, when Max Lukens was ousted because of poor stock performance and a restatement of earnings that led investors to lose confidence in management. Joe Foster has been interim chief executive.

Wiley was in the running for the top job at USX-Marathon Group, the fifth-largest U.S. oil company, analysts say. That position went to Clarence Cazalot in March when the sale of Arco to BP was delayed by the Federal Trade Commission and Wiley decided to stay at Arco until the merger was completed, said Bruce Lanni, an analyst with CIBC World Markets.

Baker Hughes shares rose 38 cents to close at $33.50 on the New York Stock Exchange.