Foster Wheeler CEO Signs New Three-Year Agreement to Continue as Chairman and Chief Executive Officer
November 05 2008 - 6:45AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) today announced that Raymond J.
Milchovich, 59, chairman and chief executive officer of Foster
Wheeler Ltd., has signed a new three-year agreement, effective
November�4, 2008, to continue to lead the company. James D. Woods,
who serves as Foster Wheeler's lead independent director and is
Chairman Emeritus and retired Chief Executive Officer of Baker
Hughes Incorporated, stated, �We are absolutely delighted that Ray
has elected to defer his previously announced retirement plans. In
light of the changes in macro-economic conditions that we have all
witnessed over the past several months, the board believes that the
company is best served by continuity in senior leadership. In times
like these, it is important that leadership is decisive and acts
with a high level of velocity. Ray has proven that he provides that
for Foster Wheeler.� Milchovich said, �When I announced my
retirement plans earlier this year, I had every reason to believe
that it was a good time for a senior leadership transition. I also
told the board that I would do whatever was necessary to ensure a
successful leadership transition. However, at that time, no one
could have foreseen the extraordinary changes in the world economy
and the uncertainty that�has created. As a result of those changes,
I told the board that 'doing whatever was necessary' would include
my willingness to continue in my current role. I am pleased that we
have reached agreement on a new contract, and I am as eager and as
motivated as I ever have been to lead the company forward.� Foster
Wheeler Ltd. is a global engineering and construction contractor
and power equipment supplier delivering technically advanced,
reliable facilities and equipment. The company employs over 14,000
talented professionals with specialized expertise dedicated to
serving our clients through one of its two primary business groups.
The company�s Global Engineering & Construction Group designs
and constructs leading-edge processing facilities for the upstream
oil and gas, LNG and gas-to-liquids, refining, chemicals and
petrochemicals, power, environmental, pharmaceuticals,
biotechnology and healthcare industries. The company�s Global Power
Group is a world leader in combustion and steam generation
technology that designs, manufactures and erects steam generating
and auxiliary equipment for power stations and industrial
facilities and also provides a wide range of aftermarket services.
The company 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 www.fwc.com.
Safe Harbor Statement Foster Wheeler news releases may contain
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 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 in Part I, Item
1A �Risk Factors� of the Company�s 2007 Form 10-K, which was filed
with the SEC on February 26, 2008 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
environments, 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, compliance with laws and regulations relating to its
global operations, currency fluctuations, war and/or terrorist
attacks on facilities either owned by the Company or where
equipment or services are or may be provided by the Company,
interruptions to shipping lanes or other methods of transit,
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 claims by third parties against the
Company, and 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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