Foster Wheeler Promotes Troy Roder to Lead U.K. Unit
September 11 2009 - 6:49AM
Business Wire
Foster Wheeler AG announced today that, effective January 1,
2010, W. Troy Roder, 43, has been promoted to the position of
Chairman and Chief Executive Officer of Foster Wheeler Energy Ltd.
(FWEL), which is based in Reading, England, and is the company’s
largest subsidiary in its Global Engineering and Construction
(E&C) Group. Roder is currently President and Chief Executive
Officer of Foster Wheeler USA (FWUSA) Corporation, based in
Houston, Texas. In assuming his new position at FWEL, Roder
replaces Michael Beaumont, 60, who has announced his intention to
retire as Chairman and CEO of FWEL.
Roder is currently attending the Advanced Management Program at
Harvard University. Following his completion of the program in
November, he will return to the Houston office to assist in the
leadership transition there before assuming his new role in
Reading. Roder’s successor at FWUSA is expected to be named
shortly.
Foster Wheeler’s President and Chief Operating Officer Umberto
della Sala said, “Troy’s performance at FWUSA has been nothing
short of exceptional. As leader of FWUSA, he was responsible for a
more than five-fold increase in capacity and EBITDA from 2004
through 2008. He solidified and expanded Foster Wheeler’s global
leadership position in delayed coking and, more recently, has
successfully broadened the scope of FWUSA’s served markets and has
been leading the integration of two U.S.-based acquisitions. He has
also been extremely successful in cultivating strong and productive
relationships with clients around the world. We are fortunate to
have an executive of this caliber step into the leadership role at
our largest E&C operating company.”
Roder joined Foster Wheeler in 1989 and subsequently assumed
positions of increasing responsibility in E&C, working on
chemical, petrochemical, oil and gas, refinery and power projects,
in supervisory, management and engineering roles. In 1997, he
joined the Houston office of FWUSA and was named President and CEO
there in 2004. Roder holds a bachelor’s degree in civil engineering
from Purdue University and an MBA from DePaul University.
In commenting on the retirement of Michael Beaumont, della Sala
said, “Widely regarded as a pillar of our Reading
organization, Mike joined the company in 1973 as a civil
engineer and held a succession of increasingly responsible
positions in management, engineering and commercial operations. He
assumed his present role in January 2008. Mike will work closely
with Troy to ensure a seamless transition and I know that clients
and employees will join me in thanking him for his devoted service
and in wishing him all the best in his retirement.”
Foster Wheeler AG 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 its clients through one of its two primary
business groups. The company’s Global Engineering and 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 Zug, Switzerland, 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.
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Foster Wheeler AG 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 the Company’s most recent Annual Report on
Form 10-K, which was filed with the U.S. Securities and Exchange
Commission and the following, could cause the Company’s business
conditions and results to differ materially from what is contained
in forward-looking statements: benefits, effects or results of the
Company’s redomestication, further deterioration in the economic
conditions 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 non-U.S. and U.S. 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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