HAMILTON, Bermuda–(EMWNews)–Foster Wheeler Ltd. announced today that Raymond J. Milchovich has

notified the company’s Board of Directors of

his intent to retire in 2009 as Chairman and Chief executive Officer of

Foster Wheeler after his successor is elected and a successful

transition has been completed.

Commenting on his decision, 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, 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. 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.”

James D. Woods, who serves as Foster Wheeler’s lead independent director

and is Chairman Emeritus and retired Chief Executive Officer of Baker

Hughes Incorporated, stated, “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.”

Commenting on the succession process, Woods added, “The

Board has been very active with Ray and the senior leadership team

conducting a robust succession planning process for all key leadership

positions. Considering Ray’s advance notice

and flexibility in terms of timing and transition, the Board is

confident that it has the time and resources to attract the right

external candidate to become Ray’s successor

and to position him or her for continued success at Foster Wheeler. The

Board has retained the CEO practice co-leader of executive search firm

Heidrick & Struggles in New York to conduct the worldwide search and to

assist the Board with this process.”

Milchovich concluded, “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. I have tremendous respect for, and loyalty to, our worldwide

client base, our talented and committed employees, our shareholders, and

all other Foster Wheeler stakeholders. Therefore, I have assured the

Board that I will continue to lead the company with the same dedication,

focus, and intensity until my successor is in place. I have also assured

the Board that I am prepared to do whatever is required to effect a

smooth, orderly and successful transition.

“In the meantime,”

said Milchovich, “It’s business as usual at

Foster Wheeler. My day-to-day role remains unchanged. In addition, we

continue to have an exceptionally strong President & COO –

Umberto della Sala – who earlier this year

signed an employment agreement through 2011 and who has indicated to the

Board his intention to remain in that position.”

Foster Wheeler Ltd. is a global engineering and construction contractor

and power equipment supplier delivering technically-advanced, reliable

facilities and equipment. The company employs over 14,000 talented

professionals with specialized expertise dedicated to serving our client’s

through one of its two primary business groups. The company’s

Engineering & Construction (E&C) Group designs and constructs

leading-edge processing facilities for the upstream oil & gas, LNG &

gas-to-liquids, refining, chemicals & petrochemicals, power,

environmental, pharmaceuticals, biotechnology & 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 after-market services. The company is based in Hamilton, Bermuda, and

its operational headquarters are in Clinton, New Jersey, USA. For more

information about Foster Wheeler, please visit our web site at www.fwc.com.

Safe Harbor Statement

Foster Wheeler 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 Part I, Item 1A “Risk

Factors” of the Company’s

2007 Form 10-K, which we filed with the SEC on February 26, 2008 and the

following, could cause the Company’s business

conditions and results to differ materially from what is contained in

forward-looking statements: changes in the rate of economic growth in

the United States and other major international economies, changes in

investment by the oil and gas, oil refining, chemical/petrochemical and

power 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 us or where equipment or services

are or may be provided by us, 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 foreign and domestic companies, compliance

with its debt covenants, recoverability of claims against its customers

and others by the Company and clams 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.

Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89

Get Unlimited Organic Website Traffic to your Website 
TheNFG.com now offers Organic Lead Generation & Traffic Solutions