McDermott Announces Results of Shareholders’ Meeting and Appointment of Chairman of the Board
09 May 2011 - 8:00PM
Business Wire
McDermott International, Inc. (NYSE: MDR) (“McDermott” or the
“Company”) announced today the results of its 2011 Annual Meeting
of Stockholders, held Friday afternoon, May 6, 2011 in Panama City,
Panama.
Based on the voting results from the meeting, shareholders
re-elected Messrs. John F. Bookout, III, Roger A. Brown, Stephen G.
Hanks, D. Bradley McWilliams, Thomas C. Schievelbein and David A.
Trice, and elected Mr. Stephen M. Johnson and Ms. Mary L.
Shafer-Malicki to our Board of Directors, all for one-year terms.
In addition, shareholders approved the advisory vote on executive
compensation, voted on an advisory basis for the Company to hold
the advisory vote on the frequency of executive compensation
annually, approved the Company’s Executive Incentive Compensation
Plan for tax deductibility reasons and ratified the appointment of
Deloitte & Touche LLP as our independent registered public
accounting firm for the year ending December 31, 2011.
As previously disclosed and pursuant to the Company’s By-Law
requirements, Ronald C. Cambre retired from McDermott’s Board of
Directors after 11 years of service to the Company, including the
last three years as non-executive Chairman. His retirement was
effective coincident with the adjournment of the Board of Directors
meeting held in connection with the Annual Meeting. Additionally,
McDermott announced that the Board of Directors has appointed
Stephen M. Johnson as Chairman of the Board and D. Bradley
McWilliams as Lead Director of the Board effective coincident with
the adjournment of the Board of Directors meeting held in
connection with the Annual Meeting.
“On behalf of the Board of Directors, our shareholders and the
management team, I want to express our deep gratitude to Ron for
his dedicated service to McDermott,” said Stephen M. Johnson,
McDermott’s Chairman of the Board of Directors, President and Chief
Executive Officer. “As Chairman, Ron has served the McDermott
shareholders in an exemplary fashion and he has selflessly served
as a skilled mentor for me. Additionally, I am honored and humbled
from the confidence the Board has placed in me as Chairman and I
look forward to working closely with the Board and with Brad
McWilliams as Lead Director as we prepare McDermott for our next
phase of growth.”
OTHER INFORMATION
About the Company
McDermott is a leading engineering, procurement, construction
and installation (“EPCI”) company focused on executing complex
offshore oil and gas projects worldwide. Providing fully integrated
EPCI services for upstream field developments, the Company delivers
fixed and floating production facilities, pipelines and subsea
systems from concept to commissioning. McDermott’s customers
include national and major energy companies. Operating in
approximately 20 countries across the Atlantic, Middle East and
Asia Pacific, the Company’s integrated resources include more than
15,000 employees and a diversified fleet of marine vessels,
fabrication facilities and engineering offices. McDermott has
served the energy industry since 1923. To learn more, please visit
McDermott’s website on the internet at www.mcdermott.com.
Forward-Looking
Statements
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, McDermott International,
Inc. cautions that statements in this press release which are
forward-looking and provide other than historical information
involve risks and uncertainties that may impact McDermott's actual
results of operations. The forward-looking statements in this press
release include, among other things, the preparations for the next
phase of growth of McDermott. Although McDermott's management
believes that the expectations reflected in those forward-looking
statements are reasonable, McDermott can give no assurance that
those expectations will prove to have been correct. Those
statements are made based on various underlying assumptions and are
subject to numerous uncertainties and risks, including without
limitation, including adverse changes in the markets in which we
operate or credit markets, our inability to successfully execute on
contracts in backlog and changes in the scope or timing of
contracts. 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 report
on Form 10-K for the year ended December 31, 2010 and subsequent
quarterly reports on Form 10-Q. This news release reflects
management's view as of the date hereof. Except to the extent
required by applicable law, McDermott undertakes no obligation to
update or revise any forward-looking statement.
http://www.mcdermott.com/
McDermott (NYSE:MDR)
Historical Stock Chart
From Jun 2024 to Jul 2024
McDermott (NYSE:MDR)
Historical Stock Chart
From Jul 2023 to Jul 2024