Attached files
| file | filename |
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| 8-K - FOSTER WHEELER AG | v169551_8k.htm |
| EX-99.1 - FOSTER WHEELER AG | v169551_ex99-1.htm |
| EX-99.2 - FOSTER WHEELER AG | v169551_ex99-2.htm |
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Exhibit
99.3
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FOSTER
WHEELER ANNOUNCES SENIOR LEADERSHIP SUCCESSION PLAN
ZUG,
SWITZERLAND, December 17, 2009 -- Foster Wheeler AG (Nasdaq: FWLT) announced
today that its Board of Directors has approved a senior leadership succession
plan as summarized below.
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Effective
June 1, 2010, Robert C. Flexon, 51, will become Chief Executive Officer of
Foster Wheeler AG. Flexon is currently President of Foster Wheeler
USA.
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At
the same time, Raymond J. Milchovich, 60, will relinquish the CEO role but
will remain with the company and serve as Non-Executive Chairman of the
Board and consultant to the company through October
2011.
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Umberto
della Sala, 61, President and Chief Operating Officer of Foster Wheeler
AG, has agreed to extend his tenure with the company through
2013.
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Raymond
J. Milchovich, current Chairman and Chief Executive Officer, said, “I have had
the privilege to work with Bob Flexon for three years, first as a member of the
Foster Wheeler board – specifically in his role as Chair of the Audit Committee
-- and most recently in his role as President of Foster Wheeler USA. The
company is very fortunate to have been able to attract a leader of Bob’s talent,
experience, capability and integrity. I am also very pleased that Umberto
della Sala has decided to extend his tenure with the company. As I’ve
stated many times, Umberto is a uniquely talented senior executive with an
unparalleled experience and understanding of the engineering and construction
industry. Bob and Umberto know each other well, have a very high level of
mutual respect, and will make an outstanding senior leadership team for Foster
Wheeler. My full-time mission for the next two years, in addition to
chairing the Foster Wheeler board of directors, will be to assist with this
leadership transition.”
Robert C.
Flexon, President and Chief Executive Officer of Foster Wheeler USA, said,
“Leading Foster Wheeler into the next decade is an exciting and extraordinary
opportunity for me. Under Ray’s leadership, the company enjoyed a
resurgence into one of the world’s premier engineering and construction
firms. From this very strong position, the company is extremely well
positioned to capitalize on future growth prospects. The orderly
transition ensures that these opportunities will not be
missed.”
Executive
biographies
Robert C. Flexon, President
and Chief Executive Officer of Foster Wheeler USA, joined the company on
November 16, 2009. Prior to that, he had been Executive Vice President and
Chief Financial Officer of NRG Energy, Inc., a wholesale power generation
company primarily engaged in the ownership and operation of power generation
facilities and the sale of energy, capacity and related products. He had also
served as a member of the Foster Wheeler AG board of directors from 2006 until
November 16, 2009. Flexon joined NRG in 2004 and, in addition to serving
as Executive Vice President and CFO, he had also served as NRG's Executive Vice
President and Chief Operating Officer from March 2008 to February 2009,
overseeing NRG's plant and commercial operations, environmental compliance and
risk management, as well as the Engineering, Procurement and Construction
division. Before joining NRG, he was Vice President, Corporate
Development & Work Process and Vice President, Business Analysis and
Controller of Hercules, Inc. Flexon also held various financial
management positions with Atlantic Richfield Company from 1987 to June 2000,
including General Auditor, Franchise Manager and Controller. He began his career
with the former Coopers & Lybrand public accounting firm. Flexon
holds a Bachelor of Science degree in Accounting from Villanova University. He
is a Certified Public Accountant.
Raymond J. Milchovich is Chief
Executive Officer and Chairman of the Board of Directors of Foster Wheeler
AG. He joined Foster Wheeler in October 2001 and subsequently directed the
company’s successful restructuring and turnaround. Before joining Foster
Wheeler, he had been with Kaiser Aluminum Corporation for more than 20 years,
progressing from operations management to President, Chief Executive Officer and
Chairman. Milchovich began his career in the steel industry, holding
a variety of operating management positions for Wisconsin Steel Corporation and
Wheeling-Pittsburgh Steel Corporation. He is a graduate of California
University of Pennsylvania and the Harvard University Advanced Management
Program.
Umberto della Sala joined
Foster Wheeler in Milan in 1973 as a process engineer. From 1997 to 2000,
he was assigned to FW USA 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 (E&C) Group.
He assumed the additional role of President and Chief Operating Officer of
Foster Wheeler in 2007.
Conference Call
Information
Foster
Wheeler AG plans to hold a conference call today, Thursday, December 17, at 8:30
a.m. (Eastern) to discuss today’s announcement.
The call
will be accessible to the public by telephone or webcast. To listen to the
call by telephone, dial 973-935-8752 (conference I.D. No. 47510950)
approximately ten minutes before the call. The conference call will also
be available over the Internet at www.fwc.com or
through StreetEvents at www.streetevents.com.
A replay
of the call will be available on the company's web site as well as by
telephone. The replay will be available by telephone for one week
following the call and can be accessed by dialing 706-645-9291 (replay
passcode 47510950 required).
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.
# # #
09-398
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:
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Media
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Maureen
Bingert
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908
730 4444
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maureen_bingert@fwc.com
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Investor
Relations
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Scott
Lamb
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908
730 4155
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scott_lamb@fwc.com
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Other
Inquiries
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908
730 4000
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fw@fwc.com
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