Fluor Taps David Seaton as Next Chief Executive Officer

Fluor Corporation (NYSE: FLR) announced today that chief operating officer (COO) David T. Seaton will succeed Alan L. Boeckmann as chief executive officer (CEO) and also become a member of the company’s board of directors. The company also said that Boeckmann will retire from Fluor but serve on its board as non-executive chairman. Both moves will occur at the company’s board of directors’ meeting on February 3, 2011.

Boeckmann said that as the company formalizes key growth strategies for the next decade, it is the appropriate time to transition to the next generation of leadership. "In looking to the future, we are genuinely excited about the global prospects for Fluor and see considerable upside opportunity not only in our traditional markets but most certainly in such geographies as the Asia-Pacific, Latin America, the Middle East and former Soviet Union.”

Peter J. Fluor, the company’s lead independent director, said that the board has been working on succession for the last several years and that he is pleased it has selected Seaton to be the company’s new CEO. Fluor also said that he and the board "greatly value Alan’s leadership and the remarkable accomplishments that characterized his tenure. We are especially pleased,” Fluor added, "that Alan will continue to provide guidance and counsel in his capacity as non-executive chairman.”

Boeckmann said, "David’s selection is a great expression of confidence in his readiness to lead Fluor’s global operations for the foreseeable future.”

"To say that I am humbled and honored to be chosen to lead Fluor as its new CEO is a vast understatement,” said Seaton. "This is a great company with wonderful employees who have created a legacy of accomplishing some of the most difficult and challenging capital projects ever undertaken. I am most grateful for the confidence that Alan Boeckmann and the board of directors have expressed in me and I am privileged to lead our company in the years ahead. The opportunities before us are unlimited and I am fully committed to doing everything possible to build on the record of robust growth that has been the hallmark of Fluor over the past ten years."

Commenting on Boeckmann’s tenure as Fluor’s CEO, Fluor said, "Alan Boeckmann possessed a trait that is vitally important for success in our company – he exuded great pride in the organization and its thousands of employees worldwide. He rigorously kept the company focused on its engineering, procurement, construction and maintenance disciplines and restructured the operations to eliminate internal barriers that unleashed record levels of growth and earnings. Revenue more than doubled under his leadership as the company entered new markets such as renewable energy and carbon capture while strengthening its position in more traditional segments such as oil and gas, mining and infrastructure.”

Seaton said that Boeckmann would particularly be remembered for his leadership in addressing corruption not only within the global engineering and construction industry, but across many other industries as well. Boeckmann, he said, was the motivating force behind the formation of the Partnering Against Corruption Initiative (PACI) within the World Economic Forum. PACI now has over 160 signatory companies. "Within Fluor,” said Seaton, "we talk about our passion to build. Alan Boeckmann truly reflected this passion.”

Seaton joined Fluor in 1984. Prior to his appointment as COO, he served as senior group president with responsibility for the company’s Energy & Chemicals, Power, and Government groups as well as for Fluor’s activities in China and the Middle East. Prior to that position, he served as group president, Energy & Chemicals, and has held various sales and operations roles in the United States, Europe and the Middle East. He also served as 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), Fluor Arabia Ltd., 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.

Seaton holds a bachelor’s degree from the University of South Carolina and has completed advanced management programs at the Wharton School of Business and Thunderbird University.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenues of $22 billion in 2009. For more information visit www.fluor.com.