Foster Wheeler announced that Raymond J. Milchovich, 59, chairman and chief executive officer of Foster Wheeler Ltd., has signed a new three-year agreement, effective November 4, 2008, to continue to lead the company.
James D. Woods, who serves as Foster Wheeler's lead independent director and is Chairman Emeritus and retired Chief Executive Officer of Baker Hughes Incorporated, stated, "We are absolutely delighted that Ray has elected to defer his previously announced retirement plans. In light of the changes in macro-economic conditions that we have all witnessed over the past several months, the board believes that the company is best served by continuity in senior leadership. In times like these, it is important that leadership is decisive and acts with a high level of velocity. Ray has proven that he provides that for Foster Wheeler."
Milchovich said, "When I announced my retirement plans earlier this year, I had every reason to believe that it was a good time for a senior leadership transition. I also told the board that I would do whatever was necessary to ensure a successful leadership transition. However, at that time, no one could have foreseen the extraordinary changes in the world economy and the uncertainty that has created. As a result of those changes, I told the board that 'doing whatever was necessary' would include my willingness to continue in my current role. I am pleased that we have reached agreement on a new contract, and I am as eager and as motivated as I ever have been to lead the company forward."
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