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Fluor CFO D. Michael Steuert to Retire in May; Company Names Biggs C. Porter as New Chief Financial Officer
Public Company Information:
IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that after more than a decade of exceptional service in leading Fluor’s finance functions, senior vice president and chief financial officer (CFO) D. Michael Steuert will retire at the end of May. Steuert will remain with Fluor through the end of the year in a consulting role.
“Mike Steuert’s presence on our senior leadership team during the last 11 years has been a calming influence during some of the most turbulent economic times in the last 50 years. Mike’s legacy will include leaving Fluor with a robust balance sheet, strong cash reserves, impeccable credit rating and little, if any, debt,” said David Seaton, Fluor’s chairman and chief executive officer. “In the post Sarbanes-Oxley world, Mike led our efforts to develop and implement world-class financial reporting systems across our global network and enhanced our risk management capabilities. We appreciate all that Mike has done for Fluor during his tenure as CFO and we wish him the best in retirement.”
The company also announced the appointment of Biggs C. Porter to the position of senior vice president and company CFO. Porter will join Fluor on April 9, 2012, and will become CFO on May 4, 2012, after first quarter 2012 financial reporting is complete. Porter joins Fluor from Tenet Healthcare where he spent the last five and half years as CFO.
Porter will be based in Fluor's global headquarters in Irving, Texas, and will report to Fluor’s chairman and CEO David Seaton. As CFO, Porter will lead Fluor’s finance, audit, investor relations, compliance & ethics, and mergers & acquisitions functions.
“We are pleased to welcome Biggs to Fluor and we are confident that he will continue to further strengthen our financial discipline, maintain our excellent relationships with key financial audiences and help the company continue creating significant shareholder value,” said Seaton. “Biggs understands the demands and complexities of leading a global finance organization in today’s uncertain marketplace, and his diverse industry experience and leadership style are good matches for Fluor.”
Prior to joining Fluor, Porter served as CFO of Tenet Healthcare Corporation where he oversaw the company’s finance, accounting, investor relations and related functions. Porter also held senior-level finance positions with defense contractor Raytheon Co. and the large Dallas-based utility TXU Corp. He also held finance positions at Northrop Grumman Corporation, Vought Aircraft Company and LTV Corporation. He began his career with the accounting firm Arthur Young and Co.
Porter is a certified public accountant, and his academic background includes a bachelor’s degree in accounting from Duke University and master’s degree in accounting from the University of Texas, Austin. He is an industry leader, having been named twice as one of the 100 Most Influential People in Finance by Treasury and Risk Magazine.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Founded in 1912, John Simon Fluor Sr started the company with a modest investment of $100. Since those humble beginnings, the company has grown into one of the largest engineering & construction companies in the world. Fluor is celebrating its 100th anniversary during 2012.
Today, through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenue of $23.4 billion in 2011. For more information, visit www.fluor100.com and www.fluor.com.
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