Foster Wheeler CEO to retire in 2009

Raymond J. Milchovich, chairman & CEO of Foster Wheeler has announced plans to retire next year. A firm date has not been set, and the company says this is to ensure a smooth handover to Mr Milchovich's as-yet unnamed successor.

Commenting on his decision, Mr Milchovich said, "In October of this year I will complete my seventh year as chairman and CEO of Foster Wheeler. Not only have we accomplished what many have described as a world-class turnaround. In light of the strength and depth of our worldwide leadership team and the experience and capability of our Board of Directors, I am confident that Foster Wheeler is now well positioned to achieve a very successful leadership transition."

James D. Woods, who serves as Foster Wheeler's lead independent director said, "On behalf of the Board of Directors, we sincerely appreciate Ray's leadership, dedication, and intensity that have transformed the culture of Foster Wheeler. During the past seven years, Ray has over-achieved in every aspect of good management and strategic positioning. With regret but respect, we have accepted Ray's wish to retire, and we appreciate his flexibility to work with a successor and with the Board to effect a very successful leadership transition."

Foster wheeler was ranked 66^th in this year's International Construction league table of the world's 200 largest construction companies, a rise of +21 places from 87^th in the 2007 ranking. To see the full Top 200 contractor listing, download the July-August edition of International Construction here.