Foster Wheeler Names New Executive VP and CFO

Foster Wheeler's board of directors has elected John T. La Duc, 61, as executive vice president and chief financial officer. Mr. La Duc was most recently executive vice president and chief financial officer of Kaiser Aluminum Corporation.

"Foster Wheeler is very fortunate to be able to attract an individual with the experience, integrity, and expertise that John provides. He is the perfect individual to lead the finance functions for our company as we move toward completion of our restructuring and as we structure Foster Wheeler for long-term success. I am very much looking forward to working with John once again," said Raymond J. Milchovich, chairman, president and chief executive officer.

Brian K. Ferraioli, who has served as acting chief financial officer since January 30, 2004, will continue in his position as vice president and controller of Foster Wheeler Ltd. worldwide. "I also want to thank Brian for his excellent work serving as acting CFO these past few months and look forward to his continuing as one of the key members of our finance team as we go forward," added Mr. Milchovich.

Mr. La Duc spent nearly thirty-five years with Kaiser Aluminum, serving as executive vice president and chief financial officer from 1990 to 2004. In that capacity he was responsible for all treasury, controller's, tax, credit, insurance and investor relations functions. He led the company's banking arrangements and capital markets activities and more recently had an integral role in Kaiser's ongoing restructuring activities.

Mr. La Duc holds a Bachelor of Science Degree in Engineering Sciences from Purdue University and an MBA in Finance from Stanford University.

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