Foster Wheeler Elects Wood VP & Controller

Foster Wheeler Ltd. said that its board of directors has elected Lisa Zardet Wood, 40, to the position of vice president & controller, effective immediately. Wood, who had most recently served as the chief accounting officer for Foster Wheeler, Inc. (FWI), a wholly owned subsidiary of the company, replaces Brian Ferraioli, who has resigned to pursue other employment opportunities.

Wood joined a subsidiary of the company in 1997 as deputy chief auditor and subsequently held positions of increasing responsibility in the finance department before assuming the role of chief accounting officer in 2003. Prior to joining Foster Wheeler, she was with Deloitte & Touche for nine years, ultimately serving as accounting and auditing manager. Wood has a Bachelor of Science degree in accounting from DeSales University. She is a Certified Public Accountant. The company has named Edward G. Carr, 38, to succeed Wood as FWI's chief accounting officer. Carr was most recently director of SEC reporting, a position he has held since he joined Foster Wheeler in 2004. Prior to that, he was director of corporate finance for Intelligroup, Inc. for five years. His background also includes seven years as an audit manager with Ernst & Young. Carr holds a Master of Science degree in Accounting and a Bachelor of Science degree in Business Administration/Accounting, both from West Virginia University. He is a Certified Public Accountant.

"We are fortunate to have individuals as talented and knowledgeable as Lisa and Ed to step into these positions," said John T. La Duc, executive vice president & chief financial officer. "They both have been an integral part of the company's transformation over the past several years as Foster Wheeler strengthened its balance sheet, adopted new internal controls associated with Sarbanes-Oxley, and implemented efficient and disciplined procedures for the timely consolidation, analysis, and reporting of financial information. We expect a seamless transition, and we are confident that Lisa and Ed will maintain the company's 'best in class' practices in financial reporting."

Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, upstream oil and gas, LNG and gas-to-liquids, petrochemicals, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA.