Fluor CFO to Retire in May

Fluor Corporation announced that after more than a decade of exceptional service in leading Fluor's finance functions, senior vice president and chief financial officer (CFO) D. Michael Steuert will retire at the end of May. Steuert will remain with Fluor through the end of the year in a consulting role. 

Mike Steuert's presence on our senior leadership team during the last 11 years has been a calming influence during some of the most turbulent economic times in the last 50 years. Mike's legacy will include leaving Fluor with a robust balance sheet, strong cash reserves, impeccable credit rating and little, if any, debt, said David Seaton, Fluor's chairman and chief executive officer. In the post Sarbanes-Oxley world, Mike led our efforts to develop and implement world-class financial reporting systems across our global network and enhanced our risk management capabilities. We appreciate all that Mike has done for Fluor during his tenure as CFO and we wish him the best in retirement. 

The company also announced the appointment of Biggs C. Porter to the position of senior vice president and company CFO. Porter will join Fluor on April 9, 2012, and will become CFO on May 4, 2012, after first quarter 2012 financial reporting is complete. Porter joins Fluor from Tenet Healthcare where he spent the last five and half years as CFO. 

Porter will be based in Fluor's global headquarters in Irving, Texas, and will report to Fluor's chairman and CEO David Seaton. As CFO, Porter will lead Fluor's finance, audit, investor relations, compliance & ethics, and mergers & acquisitions functions. 

We are pleased to welcome Biggs to Fluor and we are confident that he will continue to further strengthen our financial discipline, maintain our excellent relationships with key financial audiences and help the company continue creating significant shareholder value, said Seaton. Biggs understands the demands and complexities of leading a global finance organization in today's uncertain marketplace, and his diverse industry experience and leadership style are good matches for Fluor.