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Fluor Board Announces Dividend, Elects CEO

Fluor Corp.'s board of directors has declared a quarterly cash dividend of $0.125 per share.

February 04, 2011

Fluor Corp.'s board of directors has elected David T. Seaton to the position of CEO and company director, consistent with the transition plan previously announced. Seaton, 49, succeeds Alan L. Boeckmann who retires as CEO. Boeckmann will continue to serve the company as the non-executive chairman of Fluor’s board of directors. All changes are effective today, February 2, 2011, and were approved during the company’s board of directors’ meeting in Dallas.

Fluor Corp.'s board also declared a quarterly cash dividend of $0.125 per share on the company's common stock, payable April 4, 2011, to shareholders of record on March 4, 2011.

"I appreciate the board’s vote of confidence in me,” said Seaton. “We have a phenomenal group of some 50,000 employees globally who dedicate themselves every day to accomplishing some of the world’s most challenging capital projects. I feel privileged to be their leader.”

Commenting on Boeckmann’s tenure as CEO, Seaton said, “By any measure you choose, Alan’s legacy is one of success and achievement. Under his steady hand, our revenues doubled, our backlog grew three-fold and the company generated substantial earnings every year. It’s now our job to build on that legacy.”

“As the board has worked with Alan on succession planning, we’ve been most pleased with his development of many of the company’s key leaders. The board is especially pleased to support David Seaton in his new role as CEO and we have every confidence that he will lead the company to great places in the future,” said Peter J. Fluor, the company’s lead independent director. “The company has prospered well during the last decade under Alan’s able leadership and we fully expect that trend to continue throughout David’s tenure.”

“David’s broad experience in both operational and sales functions positions him well to lead our global company,” said Alan Boeckmann, Fluor’s non-executive chairman. “He has the innate ability to connect with our clients, our employees and our leadership team. He has the full confidence of the board and I see great potential for Fluor under his leadership in the years ahead.”

Seaton becomes Fluor’s twelfth chief executive in the company’s nearly 100-year history. He joined Fluor in 1984. Prior to his appointment as CEO, he served as chief operating officer beginning in November 2009. Seaton has also served as senior group president overseeing the company’s Energy & Chemicals, Power, and Government groups as well as for Fluor’s activities in China and the Middle East. He was also the managing director of Fluor Arabia Ltd., and led the company’s global sales function.

Seaton is a board member of The Mosaic Company (NYSE:MOS), the Partnering Against Corruption Initiative within the World Economic Forum, and the Fluor Foundation, the company’s philanthropic organization. He is also a board member of the American Petroleum Institute and the U.S.-Saudi Arabian Business Council. He serves as co-chair of the World Economic Forum’s Global Agenda Council on Corruption. Seaton holds a bachelor’s degree from the University of South Carolina.

--Fluor Corp.

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