Foster Wheeler Names Umberto della Sala Interim CEO (Switzerland)

Foster Wheeler AG 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.

About Foster Wheeler AG

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.

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Source: Foster Wheeler AG, October 25, 2010