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Foster Wheeler CEO puts off retirement
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NEW YORK - Foster Wheeler Ltd. said Wednesday that its chairman and chief executive signed a new three-year contract with the engineering and construction company and put off his retirement.
Raymond J. Milchovich, 59, announced plans in August to retire in 2009, but said Wednesday that the tough economic environment made him reconsider.
Shares of Foster Wheeler, which also reported its third-quarter results on Wednesday, fell $3.01, or 9.5 percent, to $28.59 in afternoon trading. The stock has ranged from $19.35 to $85.65 over the past year.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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