New Foster Wheeler CEO Assumes Role (Switzerland)

Foster Wheeler AG announced that, in accordance with the company’s previously disclosed succession plan, J. Kent Masters, 50, has assumed the role of Chief Executive Officer of Foster Wheeler AG.

As previously announced, Masters succeeds Umberto della Sala, 63, who had been serving as Interim Chief Executive Officer and who continues to serve as the company’s President and Chief Operating Officer and as CEO of the company’s Global Engineering and Construction Group. Masters will stand for election to the company’s board of directors at an Extraordinary General Meeting of Foster Wheeler AG to be held on November 1, 2011.

“As I have said previously, we have complete confidence in Kent to drive the company to reach its full potential, and we are very pleased to have Umberto in his continuing role as Chief Operating Officer to assist in this process,” said Raymond J. Milchovich, Non-Executive Chairman of the Board of Foster Wheeler AG.

Masters said, “I expect to see the company grow into an even more vibrant organization as we continue to find ways to differentiate ourselves from our competitors while maintaining our commitment to meet or exceed client expectations regarding commercial and execution excellence, safety and quality.”

Masters had most recently served as a member of the Executive Board at the Linde Group, a world-leading gases and engineering company.

Separately, the company also announced that Steven J. Demetriou, 53, has been named Non-Executive Chairman of the Board of Directors, effective November 4, 2011. Demetriou will succeed Milchovich, 61, who has served as Non-Executive Chairman since June 2010 and who, as previously announced, has elected to leave the Board of Directors effective November 3. Demetriou is Chairman and Chief Executive Officer of Aleris International, Inc., a producer of aluminum products. He has served as a member of Foster Wheeler’s Board of Directors since 2008.

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Source: Foster Wheeler, October 3, 2011