Foster Wheeler AG’s board of directors has approved a senior leadership succession plan under which J. Kent Masters, 50, will become the company’s Chief Executive Officer, effective October 1, 2011. It is expected that he will stand for election to the company’s board of directors as soon as practicable after October 1.
Umberto della Sala, 63, will continue to serve as Interim Chief Executive Officer through September 30 and then will continue with the company in his ongoing roles as President and Chief Operating Officer, CEO of the company’s Global Engineering and Construction Group and member of the board of directors.
Umberto della Sala, 63, will continue to serve as Interim Chief Executive Officer through September 30 and then will continue with the company in his ongoing roles as President and Chief Operating Officer, CEO of the company’s Global Engineering and Construction Group and member of the board of directors.
As part of the leadership succession plan, Raymond J. Milchovich, 61, is expected to continue to serve as Non-Executive Chairman of the board of directors of Foster Wheeler AG through November 3.
He has informed the board that he intends to leave the board on that date. The board has been actively planning for Milchovich’s eventual departure and expects to announce its succession plan for Chairman on or before November 3, 2011.
