Foster Wheeler Announces Executive Promotions

06/01/2011


ZUG, Switzerland, Jan 07, 2011 (BUSINESS WIRE) -- Foster Wheeler AG (Nasdaq: FWLT) today announced three executive promotions in its Global Engineering and Construction (E&C) Group.

- Roberto Penno, 50, who was previously Managing Director, Global Sales and Marketing, has been named Chief Executive Officer of the Asia Pacific Operating Unit, based in Singapore, effective January 1, 2011.

- Chris Brown, 41, who was previously Senior Vice President of Operations for Foster Wheeler USA, has been named Managing Director, Global Sales and Marketing, based in Reading, England, effective January 1, 2011.

- Filippo Abba', 48, who is currently acting as project executive for a very large refinery and petrochemical project that Foster Wheeler is executing in Singapore, has been named Managing Director of Operations for Foster Wheeler Energy Limited, based in Reading, England. In his new position, he will work closely with the CEO of that unit, Troy Roder. Abba' will assume his new duties upon completion of his current assignment in early 2011.

"Roberto, Chris and Filippo are exceptionally talented individuals with that rare combination of commercial, engineering and financial acumen," said Umberto della Sala. "Each represents an ideal choice for the respective assignment at hand, and we expect each to make significant contributions to the long-term success of Foster Wheeler in their new roles."

Penno has been with Foster Wheeler for 22 years. During his career, he has held increasingly senior roles in operating unit management, sales and commercial management in Europe, Asia and the U.S. - including a previous assignment as Director of Commercial Operations, Foster Wheeler Asia Pacific. He holds a doctorate degree in mechanical engineering from Politecnico di Milano in Italy.

Brown, who has more than 20 years of industry experience, joined Foster Wheeler USA in 2009 as Senior Vice President of Operations, after previously serving as President of Canadian Operations for KBR. During his career, he has lived and worked in Canada, Europe, the United States, Africa and the Middle East. He holds an MBA degree from Henley Management College (United Kingdom) and a bachelor's degree in mechanical engineering from the University of Hull (United Kingdom). He is a Professional Engineer and a Fellow of the Institution of Plant Engineers.

Abba' joined Foster Wheeler Italiana in 1991 and during his career has covered a variety of positions with growing responsibilities. He served as Director of Engineering in 2003 after several years spent at construction sites in the Middle East and Europe. In 2005, he was named Director of Projects and Project Management Department Head. In 2008 he was promoted to Director of Contract Operations for Foster Wheeler Asia Pacific. He holds a doctorate degree in mechanical engineering from Politecnico di Milano in Italy.

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 13,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company's Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, environmental, pharmaceuticals, biotechnology and healthcare industries. The company's Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fwc.com&esheet=6564622&lan=en-US&anchor=www.fwc.com&index=1&md5=5e6553b33b2f2c37d3a11f21e943ac8b.

Safe Harbor Statement

Foster Wheeler AG news releases may contain forward-looking statements that are based on management's assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company's expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Company's most recent Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission and the following, could cause the Company's business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the Company's redomestication or the relocation of our principal executive offices to Geneva, Switzerland; the search for a permanent Chief Executive Officer; further deterioration in the economic conditions in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to its global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned by the Company or where equipment or services are or may be provided by the Company, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, including litigation regarding the Company's liability for damages and insurance coverage for asbestos exposure, protection and validity of its patents and other intellectual property rights, increasing competition by non-U.S. and U.S. companies, compliance with its debt covenants, recoverability of claims against its customers and others by the Company and claims by third parties against the Company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company's control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.

SOURCE: Foster Wheeler AG

Media:
Julie Stanisz, 908-730-4047
julie_stanisz@fwc.com
or
Investor Relations:
Scott Lamb, 908-730-4155
scott_lamb@fwc.com
or
Other Inquiries:
908-730-4000
fw@fwc.com

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