Attached files
| file | filename |
|---|---|
| 8-K - FOSTER WHEELER AG | v169551_8k.htm |
| EX-99.3 - FOSTER WHEELER AG | v169551_ex99-3.htm |
| EX-99.2 - FOSTER WHEELER AG | v169551_ex99-2.htm |
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Exhibit
99.1
|
FOSTER
WHEELER NAMES MICHELLE DAVIES AS ACTING GENERAL COUNSEL;
ERIC
SHERBET NAMED CORPORATE SECRETARY
ZUG,
SWITZERLAND, December 17, 2009 -- Foster Wheeler AG (Nasdaq: FWLT) announced
today that Michelle Davies, 49, has been named Acting General Counsel of Foster
Wheeler AG, effective January 1, 2010. Davies most recently served as
General Counsel of the company’s largest subsidiary, Foster Wheeler Energy
Limited (FWEL), based in Reading, England.
The
company also announced that Eric Sherbet, 45, who is currently Vice President
and Deputy General Counsel-Corporate of Foster Wheeler, will assume the
additional role of Corporate Secretary, also effective January 1,
2010.
These
actions result from the resignation of Peter J. Ganz, Executive Vice President,
General Counsel and Corporate Secretary, who has elected not to relocate to the
company’s new operating headquarters in Geneva, Switzerland, a relocation that
is described in a separate news release issued
today.
Raymond
J. Milchovich, Chairman and Chief Executive Officer of Foster Wheeler AG, said,
“We are fortunate to have depth in our worldwide legal organization, and we
expect Michelle and Eric to step into their new roles and complete the
transition rapidly and effectively.”
Davies,
who has more than 25 years of experience in complex corporate legal matters in
the United Kingdom, joined FWEL in 2008 from English Welsh & Scottish
Railway Limited, where she had been Group Legal Director and Company Secretary
and Member of the Executive Committee. Prior to that, she had been Head of
Legal and Regulatory Affairs and Company Secretary for NIREX Limited, a company
owned by the nuclear industry that was set up to dispose of intermediate and low
level radioactive waste. She holds an LLB with Honors from the University
of Reading.
Sherbet
joined the company in 2007 from Avaya Inc., a provider of communication
solutions and software and services, where he was Vice President, Corporate and
Securities Law and Corporate Secretary. Prior to that, he had been a
corporate associate in the New York offices of Willkie Farr & Gallagher LLP
and Paul, Hastings, Janofsky & Walker LLP. Sherbet holds a
Bachelor of Science in Commerce degree with a concentration in Accounting from
the University of Virginia and a Juris Doctor degree from New York University
School of Law. He is Vice President of the New York Chapter of the Society
of Corporate Secretaries and Governance Professionals and a member of the
Society’s Board of Directors.
In
commenting on the departure of Ganz, Milchovich said, “Since joining Foster
Wheeler in 2005, Peter has been an outstanding General Counsel and a key member
of our senior management team. On behalf of our board, management and
employees, I’d like to thank Peter for his many contributions and his excellent
advice and counsel. We respect Peter’s decision not to make the relocation
to Switzerland, and we wish him well in his future endeavors.”
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.
# # #
09-400
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, 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.
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.
# # #
Contacts:
|
Media
|
Maureen
Bingert
|
908
730 4444
|
maureen_bingert@fwc.com
|
|
Investor
Relations
|
Scott
Lamb
|
908
730 4155
|
scott_lamb@fwc.com
|
|
Other
Inquiries
|
908
730 4000
|
fw@fwc.com
|
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