Foster Wheeler Announces Senior Leadership Succession Plan
Foster Wheeler announced today that its Board of Directors has approved a senior leadership succession plan as summarised below.
- 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.
- 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.
- Umberto della Sala, 61, President and Chief Operating Officer of Foster Wheeler AG, has agreed to extend his tenure with the company through 2013.
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 capitalise on future growth prospects. The orderly transition ensures that these opportunities will not be missed."
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.
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