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Image courtesy of Baker Hughes.

Baker Hughes said Wednesday that it has streamlined its operations as part of a previously announced cost reduction plan.

The Houston-based company said it has consolidated its previous regional operations structure into one global organization.

Belgacem Chariag, who was most recently the company’s Vice President and Chief Integration Officer, will serve as president of Global Operations.

Baker Hughes has combined its Technology and Global Products and Services organizations to create one global organization that will be responsible for “strengthening the company’s technology commercialization and investment strategy.”

Art Soucy, previously president of Europe, Africa and Russia Caspian region at Baker Hughes, will serve as president of  Products and Technology.

He also will be responsible for optimizing the company’s supply chain and procurement capabilities.

Derek Mathieson will serve as Chief Commercial Officer of the newly formed Commercial Strategy organization.

In his new role, Mathieson will lead the company’s commercial growth strategy and be responsible for developing a broader range of sales channels for its products and technology.

Mathieson, who previously served as Vice President, Chief Technology and Marketing Officer, will also lead future business incubation efforts as well as corporate development planning and implementation.

Richard Williams, formerly the president of the company’s North America region, will serve as senior adviser to the company’s executive leadership team.

“Williams will use his extensive operational experience to assist the company in implementing these changes without disruption to operational performance or customer commitments,” Baker Hughes said.

All of the changes were effective as of May 24.

“These changes to our organizational design and leadership team demonstrate that we are moving quickly and decisively to execute on the strategy we outlined earlier this month,” Baker Hughes chairman and CEO Martin Craighead said.

The changes follow the company’s announcement earlier this month that it plans to simplify its business structure, reduce costs and enhance its commercial strategy.

That announcement followed the dissolution of a proposed merger between Baker Hughes and Halliburton earlier this month following push back from anti-trust regulators.

The merger had been valued at about $35 billion when it was first announced in November 2014.

Halliburton said it would will pay Baker Hughes a $3.5 billion termination fee by May 4.

Baker Hughes said it intended to use the proceeds from the break up fee to buy back $1.5 billion worth of shares and debt totaling $1 billion.

Baker Hughes said it also intends to refinance its $2.5 billion credit facility that expires in September 2016.

Craighead warned earlier this month  that the North American rig count could fall by another 30 percent in the second quarter.