Milchovich continues to lead

Edited by the Engineeringtalk editorial team Aug 11, 2006

Raymond J Milchovich, Chairman, President and Chief Executive Officer of Foster Wheeler, has signed a new agreement to continue to lead the company.

Raymond J Milchovich, Chairman, President and Chief Executive Officer of Foster Wheeler, has signed a new agreement, effective 11th August 2006, to continue to lead the company.

Milchovich joined Foster Wheeler in October 2001.

"The Foster Wheeler Board is extremely pleased with the leadership that Ray has demonstrated over the past five years", said Joseph J Melone, Deputy Chairman, Chairman of the Compensation Committee and Lead Outside Director of the Board of Foster Wheeler.

"We are all very proud of the tremendous achievements that have been made during Ray's tenure and are delighted that we are able to provide Foster Wheeler's stakeholders with senior leadership continuity at this exciting time for the company".

"I am very pleased that the Foster Wheeler Board and I have been able to agree to terms that will extend my tenure with the company", said Milchovich.

"I am delighted to continue in a role which I enjoy tremendously and to work with my motivated and talented senior management team to maximise enterprise value for our shareholders".