Foster Wheeler Names Umberto della Sala Interim CEO
October 25 2010 - 7:45AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that Umberto
della Sala, 62, has been named Interim Chief Executive Officer,
effective October 22.
Mr. della Sala fills the CEO position vacated by Robert C.
Flexon, who left the company on October 22 to pursue other
interests.
The company has begun an external search to find a permanent
Chief Executive Officer. Raymond J. Milchovich, the company’s
Non-Executive Chairman of the Board and consultant to the company,
will provide support for Mr. della Sala as needed during the
interim period.
“The company is fortunate to have an executive of Umberto’s
calibre who can assume this position,” said Mr. Milchovich. “The
two of us have worked closely together for nearly a decade and,
during that time, I have continually been impressed with the depth
and breadth of his understanding of our business and his
capabilities. During this interim period, I plan to assist Umberto
in any way he deems additive and helpful.”
Mr. della Sala said, “Foster Wheeler’s global team of
commercial, technical and operating personnel is extraordinarily
skilled and devoted. We remain focused on applying this expertise
in the market to meet or exceed the needs of our clients. In
addition, we plan to follow through with and conclude the strategic
renewal initiative that we had launched earlier this year.”
Mr. della Sala joined Foster Wheeler in Milan in 1973 as a
process engineer. From 1997 to 2000, he was assigned to FWUSA as
Vice President and General Manager of Latin American Operations and
President of FW Caribe and later as commercial director. In 2000,
he returned to Milan as Commercial Director of the newly formed
Foster Wheeler Continental Europe unit. He was appointed in 2001 as
President and CEO of FW Continental Europe. In 2005 he was
appointed as Foster Wheeler CEO Global Engineering &
Construction Group. He assumed the role of President and Chief
Operating Officer of Foster Wheeler in 2007. While in the Interim
CEO position, he will retain the critical duties associated with
the role of President and Chief Operating Officer.
As previously announced, the company intends to hold a
conference call for investors on this matter on Monday, Oct 25 at
3:00 pm Central European Time (9:00 am Eastern Time in the U.S.).
The call will be accessible by telephone number 973-935-8752
(conference I.D. No. 20675429) approximately ten minutes before the
call. A replay of the call will be available by telephone for one
week following the call and can be accessed by dialing 706-645-9291
(replay passcode 20675429).
Foster Wheeler AG is a global engineering and construction
contractor and power equipment supplier delivering technically
advanced, reliable facilities and equipment. The company employs
approximately 13,000 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 office is in Geneva, Switzerland. For more
information about Foster Wheeler, please visit our Web site at
www.fwc.com.
Safe Harbor Statement
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 or the relocation of our principal
executive offices to Geneva, Switzerland; the search for a
permanent Chief Executive Officer; 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 generation
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. 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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