Foster Wheeler AG announced that, in accordance with a previously announced succession plan, J. Kent Masters, 50, has assumed the role of CEO.
Masters succeeds Umberto della Sala, 63, who had been serving as interim CEO and who continues to serve as president and chief operating officer and as CEO of the company’s Global Engineering and Construction Group.
Masters will stand for election to the company’s board of directors at an extraordinary general meeting of Foster Wheeler AG to be held on 1 November 2011.
Masters had most recently served as a member of the executive board at the Linde Group, a world-leading gases and engineering company.
Foster Wheeler also announced that Steven J. Demetriou, 53, has been named non-executive chairman of the board of directors, effective 4 November 2011. Demetriou will succeed Milchovich, 61, who has served as non-executive chairman since June 2010 and who, as previously announced, has elected to leave the board of directors effective 3 November.
Demetriou is chairman and CEO of Aleris International, Inc., a producer of aluminum products. He has served as a member of Foster Wheeler’s board of directors since 2008.
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