Dresser-Rand Names New CFO

Houston-based Dresser-Rand Group (NYSE: DRC  ) has settled on a replacement for departing CFO Mark Baldwin. The company announced Wednesday that effective May 1, Jan Kees van Gaalen will fill the role.

Van Gaalen joins Dresser from oil-field services giant Baker Hughes, where he served in the capacity of company Treasurer. He is fluent in English, German, Dutch, Portuguese, French, and Spanish and earned an undergraduate degree from the prestigious Erasmus University in Rotterdam as well as a French MBA.

How much will Dresser pay for a CFO with such impeccable credentials? Not a pittance, certainly, but as much as you might think for a company of Dresser's size. According to an 8-K filing on the subject, van Gaalen will receive an annual base salary of $402,000, plus:

  • an annual bonus targeting 60% of base salary
  • $700,000 in restricted stock units and stock options

"Luckily" for him, though, those stock grants appear to be growing in number at constant dollar value, as Dresser-Rand shares are caught in a downdraft. The shares shed 4.5% of their value yesterday, and are down a further 1.6% in Thursday trading at roughly $57.09 per share.


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