McDermott (NYSE:MDR)
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McDermott International, Inc. (NYSE:MDR) (“McDermott”
or the “Company”)
announced today that its Board of Directors has named John A. Fees as
President and Chief Executive Officer of McDermott and appointed him to
the Board of Directors, effective October 1, 2008. Fees will succeed
Bruce W. Wilkinson, who will retire as Chairman and Chief Executive
Officer on September 30, 2008. In a related move, effective October 1,
2008, Ronald C. Cambre will become McDermott’s
non-executive Chairman of the Board.
John Fees is a 29-year veteran of McDermott, having started his career
in 1979 in The Babcock & Wilcox Company (“B&W”).
During his service with McDermott, Mr. Fees has also served as President
of Diamond Power International, a subsidiary of B&W, and as President of
BWX Technologies, Inc., the government nuclear operations of McDermott.
He is currently President & Chief Executive Officer of B&W, which
includes all of McDermott’s fossil and nuclear
operations serving both commercial and government markets.
Mr. Fees earned a Bachelor of Science degree in industrial engineering
and operations research from The University of Pittsburgh in 1979 and a
Master of Science degree in Engineering Administration from George
Washington University in 1983. Fees serves on the Board of Directors of
the Nuclear Energy Institute, the National Association of Manufacturers,
Centra Health, and he Chairs the United Way of Central Virginia.
Mr. Cambre, formerly the Chairman and Chief Executive Officer of Newmont
Mining Corporation, has been a McDermott board member since 2001. He
also serves on the Board of W.R. Grace & Company, Cleveland Cliffs,
Inc., and several non-profit organizations. He earned a Bachelor of
Science degree in chemical engineering from Louisiana State University
and also attended the Harvard Business School Management Development
Program.
Bruce Wilkinson, McDermott’s current Chairman
and Chief Executive Officer, who in February 2008 announced his
intention to retire, commented, “On behalf of
the entire Board, I want to congratulate John on this well deserved
promotion. We have a robust succession planning program within
McDermott, and John’s appointment as CEO
confirms it veracity.”
“I want to thank the Board for its confidence
as expressed by this appointment,” said Fees. “McDermott
is well-positioned in its engineering and construction services and
products serving the major energy markets worldwide. We have an
excellent management team, a clear vision for growth, and strong
momentum. I am excited about the challenge of leading our Company in its
next phase of growth.”
McDermott is an engineering and construction company, with specialty
manufacturing and service capabilities, focused on energy
infrastructure. McDermott’s customers are
predominantly utilities and other power generators, major and national
oil companies, and the United States Government. With its global
operations, McDermott operates in over 20 countries with more than
25,000 employees.