Bruce Wilkinson, CEO of McDermott, Announces Intent to Retire in 2008Bruce Wilkinson, Chairman of the Board and CEO (Photo: Busi
28 February 2008 - 8:14AM
Business Wire
McDermott International, Inc. (NYSE:MDR) (�McDermott� or the
�Company�) announced today that Bruce W. Wilkinson has notified the
Company�s Board of Directors of his intent to retire as Chairman of
the Board of Directors and Chief Executive Officer of McDermott by
December 31, 2008. Commenting on his decision, Wilkinson said, �I
joined McDermott in April 2000, and became Chief Executive in
August of that year. I believed the turnaround challenge the
Company faced, and my tenure, would be a three- to five-year
effort. Now, at age 63, I am only several months from serving eight
years in this role. I am enormously proud of our success, which
could not have occurred but for the outstanding management team
that we have assembled. Looking forward, McDermott is
well-positioned in the key energy markets of the engineering and
construction industry, and its future is especially bright.�
Admiral Bruce DeMars, McDermott�s lead independent director,
stated, �On behalf of the Board of Directors, we appreciate Bruce�s
outstanding stewardship, dedication and leadership that he has
provided for the Company. During his tenure as CEO, McDermott�s
shares have appreciated approximately 2,000 percent, representing
over $11 billion of shareholder value creation. With regret, we
acknowledge and accept his desire to retire by the end of this
year.� Commenting on McDermott�s succession planning, DeMars added,
�The Company has conducted robust succession planning for all key
officer positions, and the Board has worked cooperatively with
Bruce in this process. Considering his significant advance notice,
the Board will simultaneously consider both the internal and
external candidates as part of a worldwide search for Bruce�s
successor.� McDermott has retained the executive search firm of
Heidrick & Struggles in Houston to assist the Board with this
process. Wilkinson concluded, �The success McDermott has enjoyed is
not about any one individual, but has materialized through the
extraordinary efforts of an incredible management team and the
daily commitment from each of my worldwide co-workers. I feel truly
privileged to have served with them all. McDermott has a clear
strategic focus for growth, serving our customers in oil & gas,
fossil and nuclear power, as well as the U.S. Government�s nuclear
requirements. I have assured the Board that I will work diligently
with the management team to continue executing our plans until my
successor has taken over after a smooth and orderly transition.�
OTHER INFORMATION About the Company 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 20,000 employees. Forward Looking Statements In
accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott cautions that
statements in this press release, which are forward-looking and
provide other than historical information, involve risks and
uncertainties that may impact the Company�s actual results of
operations. These forward-looking statements include statements
about McDermott�s position in the energy engineering &
construction market, our optimism for the Company�s future and our
focus for growth. Although we believe that the expectations
reflected in those forward-looking statements are reasonable, we
can give no assurance that those expectations will prove to have
been correct. Those statements are made by using various underlying
assumptions and are subject to numerous uncertainties and risks,
including, but not limited to, adverse changes in the markets in
which we operate and our inability to successfully execute on our
growth strategies. If one or more of these risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. For a more complete discussion of
these and other risk factors, please see McDermott�s annual and
quarterly filings with the Securities and Exchange Commission,
including its report on Form 10-K for the year ended December 31,
2007.
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