Foster Wheeler names Raymond Milchovich chairman, president and CEO

HAMILTON, Bermuda, Oct. 15, 2001 – Foster Wheeler Ltd. today announced that its board of directors has named Raymond J. Milchovich president, chief executive officer and chairman of the board of directors of the company.

Milchovich was chairman, president and chief executive officer of Kaiser Aluminum Corporation.

Effective October 22, Milchovich, 52, will succeed Richard J. Swift, who announced his intention to retire earlier this year.

“We are delighted to welcome Ray to Foster Wheeler’s management team and the company’s board of directors,” said Joseph J. Melone, who led the search committee on behalf of Foster Wheeler’s board of directors. “He has a track record of providing strong leadership, improving customer satisfaction and enhancing operational excellence in very challenging business environments. His extensive operational and sound fiscal management skills will advance Foster Wheeler’s competitive position in the global marketplace.”

“I have long admired Foster Wheeler’s worldwide reputation for excellence,” said Milchovich. “With world-class engineering technologies supported by a strong, knowledgeable workforce and an impressive list of multinational customers, Foster Wheeler is well-positioned to take advantage of growing market opportunities. I am confident that we can successfully execute strategies that will extend our competitive advantage and increase value for our shareholders. I look forward to the company to realize its full potential.”

Kaiser Aluminum, a producer and marketer of alumina, primary aluminum, flat-rolled products, and engineered products, has $2.2 billion in annual revenues. Milchovich joined the company in 1980 as operations manager of its Flat-Rolled Products operation in Spokane, Wash., and became vice president of the business unit in 1988. He assumed the position of president and chief operating officer of Kaiser Aluminum in 1997 and was appointed chief executive officer in 2000.

Prior to joining Kaiser Aluminum, Milchovich held a variety of senior positions at Wisconsin Steel Corporation and Wheeling-Pittsburgh Steel Corporation. He is a graduate of California University of Pennsylvania and the Harvard University Advanced Management Program.

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