John Fees Named Chief Executive Officer of McDermottJohn A. Fees (Photo: Business Wire)
15 August 2008 - 2:30PM
Business Wire
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.
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