Foster Wheeler Chair to Retire

Foster Wheeler Ltd. announced recently that Raymond J. Milchovich has notified the company's Board of Directors of his intent to retire in 2009 as chair and chief executive officer after his successor is elected and a successful transition has been completed.

"Not only have we accomplished what many have described as a world-class turnaround, but we have transitioned Foster Wheeler into what has rapidly become a leading global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment," said Milchovich. "This success simply could not have occurred but for our extremely talented, experienced, and dedicated leadership team worldwide and the steady support we consistently received from our Board of Directors. These seven years have been the most gratifying of my career. Given the magnitude of what has been accomplished and recognizing the current strength of our company, the strategic focus we have established, and the robustness of our markets, I have never been more optimistic regarding the future of Foster Wheeler."

The board has retained the executive search firm of Heidrick & Struggles in New York to conduct the worldwide search for Milchovich's replacement.

Milchovich noted that the company has "an exceptionally strong president & COO -- Umberto della Sala," who has signed an employment agreement through 2011.

Foster Wheeler Ltd. is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment.

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