Umberto Della Sala Promoted to President and Chief Operating Officer of Foster Wheeler Ltd.
January 31 2007 - 6:45AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its board
of directors has elected Umberto della Sala to the position of
president and chief operating officer, effective immediately. In
this newly created role, Mr. della Sala will report directly to
Raymond J. Milchovich, chairman and chief executive officer, and
will assume full responsibility for the Company�s two business
groups: the Global Engineering and Construction (E&C) Group and
the Global Power Group. �Umberto is a 33-year veteran of Foster
Wheeler. He has served in a variety of engineering, commercial and
operational roles in both Europe and North America, and has an
excellent, in-depth knowledge of the contracting business,� said
Mr. Milchovich. �Umberto has proven himself as a strong,
experienced, and visionary leader. Under his leadership as chief
executive officer of our Global E&C Group, the Group has
delivered an outstanding operational and business-winning
performance and also has achieved a significant and well-managed
growth in capacity. Previously, as president and chief executive
officer of the Global E&C Group�s Continental Europe business
unit, Umberto dramatically improved the business unit's financial
performance, consistently met or exceeded client expectations, and
built a world-class management team. �As well as continuing to lead
the Global E&C Group, Umberto will assume immediate and full
responsibility for the Global Power Group. Having assumed the
position of acting chief executive officer of the Global Power
Group in June 2006, I will work closely with Umberto over the next
six to eight months to ensure a successful transition. We have
already made significant operational changes during the last year
in the Global Power Group and Umberto will drive the transfer of
industry best practices, which are already deeply embedded in the
Global E&C Group�s operations, into the Global Power Group�s
operations. I am highly confident that Umberto will continue to
deliver a very significant contribution to the future growth and
success of Foster Wheeler.� Notes to Editors: 1. Foster Wheeler
Ltd. is a global company offering, through its subsidiaries, a
broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services. Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemicals,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries. The corporation is based in Hamilton, Bermuda, and its
operational headquarters are in Clinton, New Jersey, USA. For more
information about Foster Wheeler, please visit our Web site at
http://www.fwc.com. 2. Safe Harbor Statement This press release may
contain forward-looking statements that are based on the Company�s
assumptions, expectations and projections about Foster Wheeler and
the various industries within which it operates. These include
statements regarding the Company�s expectation about revenues
(including as expressed by its backlog), its liquidity, the outcome
of litigation and legal proceedings and recoveries from customers
for claims, and the costs of current and future asbestos claims and
the amount and timing of related insurance recoveries. Such
forward-looking statements by their nature involve a degree of risk
and uncertainty. The Company cautions that a variety of factors,
including but not limited to the factors described under Part II,
Item 1A. �Risk Factors� in its most recent quarterly report on Form
10-Q, could cause business conditions and results to differ
materially from what is contained in forward-looking statements:
changes in the rate of economic growth in the United States and
other major international economies; changes in investment by the
power, oil and gas, pharmaceutical and chemical/petrochemical
industries; changes in the financial condition of the Company�s
customers; changes in regulatory environment; changes in project
design or schedules; contract cancellations; changes in the
Company�s estimates of costs to complete projects; changes in
trade, monetary and fiscal policies worldwide; currency
fluctuations; war and/or terrorist attacks on facilities either
owned or where equipment or services are or may be provided;
outcomes of pending and future litigation, including litigation
regarding the Company�s liability for damages and insurance
coverage for asbestos exposure; protection and validity of the
Company�s patents and other intellectual property rights;
increasing competition by foreign and domestic companies;
compliance with the Company�s debt covenants; recoverability of
claims against the Company�s customers and others by the Company
and claims by third parties against the Company; and changes in
estimates used in the Company�s critical accounting policies. Other
factors and assumptions not identified above were also involved in
the formation of these forward-looking statements and the failure
of such other assumptions to be realized, as well as other factors,
may also cause actual results to differ materially from those
projected. Most of these factors are difficult to predict
accurately and are generally beyond the Company�s control. You
should consider the areas of risk described above in connection
with any forward-looking statements that may be made by the
Company. Foster Wheeler undertakes no obligation to publicly update
any forward-looking statements, whether as a result of new
information, future events or otherwise. You are advised, however,
to consult any additional disclosures the Company makes in proxy
statements, quarterly reports on Form 10-Q, annual reports on Form
10-K and current reports on Form 8-K filed with the Securities and
Exchange Commission.
Foster Wheeler (NASDAQ:FWLT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Foster Wheeler (NASDAQ:FWLT)
Historical Stock Chart
From Jul 2023 to Jul 2024