Peter D. Rose Elected Vice President and Treasurer
May 14 2007 - 10:16AM
Business Wire
Foster Wheeler Ltd. (NASDAQ: FWLT) announced today that its board
of directors has elected Peter D. Rose to the position of vice
president and corporate treasurer. Mr. Rose succeeds Thierry
Desmaris, who was recently elected to the position of vice
president of corporate development. Prior to this promotion, Mr.
Rose was vice president, internal audit, and chief corporate
compliance officer. In his new role, he will report to John T. La
Duc, executive vice president and chief financial officer. �Peter
is a 29-year veteran of Foster Wheeler, with an excellent knowledge
of the company, and has served in a number of senior financial
positions within the company,� said Mr. La Duc. �Peter has
demonstrated excellent performance in implementing and managing the
Sarbanes-Oxley process and has also proved highly effective in
leading the corporate compliance function. Peter is an extremely
experienced individual and I am highly confident that he will
continue to make a significant contribution to the future success
of Foster Wheeler.� Mr. Rose, 60, was appointed to the position of
vice president, internal audit, and chief corporate compliance
officer in 2004. Previously, he was assistant treasurer of Foster
Wheeler Inc. and has also held the roles of director of finance and
assistant controller of various Foster Wheeler subsidiaries, as
well as that of corporate chief auditor. Mr. Rose, a CPA, holds a
Bachelor's Degree from Bloomfield College, NJ, and a Master's
Degree in Business Administration in Finance from Cornell
University. He is a member of the American Institute of Certified
Public Accountants and the Institute of Internal Auditors. Notes to
Editor: 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,
petrochemical, 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, visit our
Web site at www.fwc.com. 2. Safe Harbor Statement This news release
contains forward-looking statements that are based on management�s
assumptions, expectations and projections about the Company and the
various industries within which the Company operates. These include
statements regarding the Company�s expectations regarding 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 in Part II, Item
1A �Risk Factors� of the Company�s most recent quarterly report on
Form 10-Q and the following, could cause the Company�s 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 oil and gas, oil refining,
chemical/petrochemical and power industries, changes in the
financial condition of its customers, changes in regulatory
environment, changes in project design or schedules, contract
cancellations, changes in estimates made by the Company 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, interruptions to shipping lanes or other methods of
transport, 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 its patents and other intellectual property rights, increasing
competition by foreign and domestic companies, compliance with its
debt covenants, recoverability of claims against its customers and
others by the Company and clams by third parties against the
Company, changes in estimates used in its 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. The Company 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.
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