McDermott Appoints David Dickson as Chief Operating Officer; Dickson to Become President & CEO upon Stephen Johnson’s Retir...
18 Oktober 2013 - 2:00AM
Business Wire
McDermott International, Inc. (NYSE:MDR) announced today that
Stephen M. Johnson will retire from his positions as Chairman of
the Board, President and Chief Executive Officer and as a director
of McDermott in December 2013 and that David Dickson has agreed to
join McDermott and to succeed Mr. Johnson as President and Chief
Executive Officer. Mr. Dickson has been appointed Executive Vice
President and Chief Operating Officer, a position he will hold
until December.
Mr. Dickson, age 45, has approximately 23 years of offshore
oilfield engineering and construction business experience,
including 11 years of experience with Technip S.A. and its
subsidiaries. Since September 2008, he has been serving as
President of Technip USA Inc., with oversight responsibilities for
all of Technip’s North American operations.
Mr. Dickson will commence his employment with McDermott on
October 31, 2013. He will initially serve as McDermott’s Chief
Operating Officer, succeeding John T. McCormack, whose retirement
from that position was previously announced. Mr. Dickson will
succeed Mr. Johnson as President and Chief Executive Officer on or
before December 16, 2013. Mr. Dickson will lead the previously
announced search effort for a new chief operating officer.
Concurrent with Mr. Dickson’s appointment as President and Chief
Executive Officer, McDermott’s Board of Directors will elect him as
a member of the Board.
The search for a successor President and Chief Executive Officer
began in January of this year, as part of McDermott’s regular
succession planning process and following Mr. Johnson’s expression
of interest to retire by year-end. Mr. Johnson and Roger A. Brown,
the Chairman of the Governance Committee of the Board, led the
search effort for Mr. Johnson’s replacement. They were assisted by
a nationally recognized executive search firm that has significant
experience in the EPCI industry.
Mr. Johnson stated, “I am very pleased to turn over executive
leadership of McDermott to such a highly qualified and experienced
leader as David. I am confident that, with his depth of experience
and breadth of knowledge relating to conventional offshore marine
construction projects and subsea projects, David is the right
person to lead the McDermott team in its business strategy, which
is focused on providing the full range of engineering and
construction services in key offshore oil and gas producing regions
around the world. I am looking forward to working closely with him
to ensure an orderly transition.”
Mr. Dickson stated, “I am honored and excited to be joining
McDermott, with its unparalleled history of developing complex
offshore oil and gas projects worldwide, very talented management
team and dedicated employees. There is significant value in
McDermott’s operations and reputation for delivering on complex
projects. I look forward to working with the McDermott team to
capitalize on that value for our shareholders in the years
ahead.”
McDermott also announced today that Gary P. Luquette has been
appointed to its Board of Directors, effective October 18, 2013.
Mr. Luquette will serve on the Compensation and Finance Committees
of the Board of Directors.
Mr. Luquette, age 57, retired from his position as President,
Chevron North America Exploration and Production, a unit of Chevron
Corporation, in September 2013, following 35 years of service with
Chevron. He held that position since 2006, and his duties included
serving on Chevron’s upstream executive leadership team.
Previously, he held key exploration and production positions with
Chevron in Europe, California, Indonesia and Louisiana.
"We are pleased to welcome Gary to McDermott's Board of
Directors," said Mr. Johnson. "His managerial and operational
experience in the global energy industry will be very helpful to
us. We should especially benefit from his upstream customer
perspective and his experience and understanding of the subsea
sector. The Board looks forward to working with Gary and to his
future contributions."
About McDermott
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, McDermott delivers
fixed and floating production facilities, pipelines and subsea
systems from concept to commissioning. McDermott’s customers
include national, major integrated and other energy companies.
Operating in approximately 20 countries across the Atlantic, Middle
East and Asia Pacific, McDermott’s integrated resources include
approximately 14,000 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 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. These forward-looking statements include statements
about: the timing of the actions described; the search effort for a
new Chief Operating Officer; Mr. Dickson’s qualifications to lead
the McDermott team; ensuring an orderly transition; and
capitalizing on the value of McDermott’s operations and reputation.
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 various uncertainties. This news release reflects
expectations 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.
McDermott International, Inc.Investors, Analysts and Financial
Media:Steven D. Oldham, 281-870-5147Vice President, Treasurer and
Investor Relationssoldham@mcdermott.comorTrade and General
Media:Louise Denly, 281-870-5025Director, Corporate
Communicationsldenly@mcdermott.com
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