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Foster Wheeler Chair To Retire

April 3, 2001

CLINTON, N.J. (AP) _ Foster Wheeler chief executive Richard J. Swift announced Monday he will retire at the end of the year after seven years as the head of the engineering and environmental services company.

Foster Wheeler board member Joseph J. Melone said Swift will help in the search for his replacement.

Swift has been with Foster Wheeler for 27 years and was appointed to the CEO post in 1994. He was instrumental in improving the marketing of energy equipment and pushed to enhance the performance of Foster Wheeler’s international business, Melone said.

Swift will seek shareholder approval for that enhancement at a shareholder meeting on April 23, Melone said.

Clinton, N.J.-based Foster Wheeler said Swift’s retirement will result in a charge of approximately 4 cents per share after tax in the second quarter.

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