Stephen M. Johnson Named President and Chief Executive Officer of J. Ray McDermott
07 Dezember 2009 - 1:08PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott” or the
“Company”) announced today that Stephen M. Johnson, the Company’s
current President and Chief Operating Officer, has been appointed
President and Chief Executive Officer of J. Ray McDermott, S.A.
(“J. Ray”), effective January 1, 2010. He succeeds Robert A.
Deason, who, as previously announced, will retire at the end of the
year.
Separately, McDermott announced today that it plans to separate
its operating subsidiaries, The Babcock & Wilcox Company
(“B&W”) and J. Ray, into two independent, publicly traded
companies. Following completion of the separation, McDermott
intends to be renamed J. Ray McDermott, S.A., and McDermott
shareholders will own 100 percent of two separate companies:
B&W and J. Ray. Mr. Johnson will continue to serve as President
and CEO of the newly independent J. Ray and will join the company’s
Board of Directors.
“Steve is the right leader for J. Ray at this transformational
time,” said John A. Fees, Chief Executive Officer of McDermott. “He
has a deep knowledge of our industry, a strong track record of
success and the leadership skills to excel as J. Ray’s President
and CEO. We are confident that under his guidance, J. Ray will
continue to succeed as a leading engineering and construction
company focused on offshore oil and gas projects.”
“I am delighted to take on this new role,” said Mr. Johnson.
“During my time at McDermott, I have seen first hand the focus and
dedication of our employees, and I look forward to continuing to
work with them, the leadership team and the Board in the years to
come. This is an exciting time for J. Ray and, I believe, as a
standalone, public company, we will be well positioned to drive
growth through the expected future upswing in the offshore oil and
gas industry.”
J. Ray continues to operate with the same successful management
team, and welcomes the new leadership of Mr. Johnson. With sound
financial strength, J. Ray’s business fundamentals are unchanged:
focusing on providing innovative engineering, strong procurement
services, modern fabrication facilities and a flexible, capable
fleet to serve customers worldwide for conventional projects,
floating facilities, and subsea infrastructure. Its primary focus
continues to be on successfully executing projects and making
investments that continuously improve its ability to meet customer
and market needs.
Mr. Fees added, “J. Ray’s accomplishments under Bob Deason’s
leadership have been extraordinary. J. Ray achieved new records in
terms of revenues, operating income and backlog, which together are
indicative of the improved quality of service that J. Ray provided
to its clients under Bob’s tenure. On behalf of the Board, our
employees and management team, we thank Bob for all his efforts and
wish him a long and fulfilling retirement.”
Mr. Deason stated, “It has been an honor and a privilege to lead
J. Ray these past six years. J. Ray’s committed employees have been
the key driver of our success, and I am grateful for having had the
opportunity to know and work alongside them. Having worked closely
with Steve, I am confident J. Ray is in good hands under his
leadership.”
Mr. Johnson has served as President and Chief Operating Officer
of McDermott since April 2009, with the primary responsibility for
directing the day-to-day operations of the Company and its
operating subsidiaries, including J. Ray. He has over 35 years of
experience in the engineering and construction industry.
Previously, Mr. Johnson served as Senior Executive Vice President
and Member, Office of the Chairman at Washington Group
International (“WGI”), prior to its sale to URS Corporation. In
this role, he was an integral member of the WGI-team responsible
for that company’s overall strategic direction, operations and
financial results. Prior to joining WGI in 2001, Mr. Johnson spent
28 years with Fluor Corporation. Mr. Johnson earned a Bachelor of
Science degree in engineering from Texas A&M University in
1973, and is a licensed Professional Engineer in the state of
Texas. He also completed executive education in management and
finance at Duke University.
About McDermott
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.
Forward Looking Statements
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended, McDermott
cautions that statements in this press release, which are
forward-looking and provide other than historical information,
involve risks and uncertainties. These forward-looking statements
include statements about McDermott’s plans to separate its
operating subsidiaries and rename McDermott, Mr. Johnson’s
anticipated role at J. Ray and on its Board of Directors following
the proposed separation, our belief that J. Ray will be
well-positioned as a standalone company and our expectation for
future upswing in its industry. Those statements are subject to
numerous uncertainties and risks, including delays or other
difficulties in completing the proposed separation and changes in
the Company’s or its Board of Directors’ plans with regard to the
plans expressed in this release. If one or more of these risks
materialize, or if underlying assumptions prove incorrect, actual
results may vary materially from those expected, projected or
implied. For a more complete discussion of other risk factors that
may affect the Company, please see McDermott’s periodic filings
with the Securities and Exchange Commission, including its annual
report on Form 10-K for the year ended December 31, 2008 and
subsequent quarterly reports on Form 10-Q. This news release
reflects management's views as of December 7, 2009. Except to the
extent required by applicable law, McDermott undertakes no
obligation to update or revise any forward-looking statement.
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