NEWS RELEASE 11/05/01

Former Chairman of Foster Wheeler Richard J. Swift To Head Financial Accounting Standards Advisory Council

Norwalk, CT, November 5, 2001—Richard J. Swift, the former Chairman, President and Chief Executive Officer of Foster Wheeler Ltd., has been named Chairman of the Financial Accounting Standards Advisory Council (FASAC), effective January 1, 2002. The Council advises the Financial Accounting Standards Board (FASB) on technical issues relating to the Board’s agenda, project priorities and other timely and topical matters involving the FASB. The appointment was announced by the Financial Accounting Foundation (FAF), which has responsibility for overseeing, funding and selecting members of the FASB, the Governmental Accounting Standards Board (GASB) and their advisory councils.

 

In announcing Mr. Swift’s appointment, Manuel H. Johnson, Chairman of the FAF and Co-Chairman of Johnson-Smick International, commented, "We are fortunate to have Dick coming on board. He has a wealth of experience—both as a leader of a major international corporation and as a participant in corporate governance and the business community. His broad expertise should complement the activities of the FASB."

Mr. Swift will succeed Robert C. Butler, former Senior Vice President and Chief Financial Officer of International Paper Co., who will retire in December of this year.

In reflecting on Mr. Butler’s service, Mr. Johnson remarked, "Bob has done an outstanding job as FASAC Chairman, advancing the mission of that organization and providing important counsel to the FASB. He will be missed by all."

Mr. Swift joined Foster Wheeler in 1972 and rapidly rose through the ranks of that organization to become Chairman. He continued in that position until his recent retirement. Mr. Swift is a director of Ingersoll Rand Company, serving as Chairman of its audit committee. He also serves as a director of the Public Service Enterprise Group and is a member of its audit committee. In addition to those activities, he is the immediate past Chairman of the National Foreign Trade Council and a past member of the Business Roundtable and the Trade and Investment Task Force of that organization.

Mr. Swift is a graduate of the U.S. Military Academy and earned an M.S. degree in engineering from Purdue University. He holds an M.B.A. degree from Fairleigh Dickinson University.


About the Financial Accounting Standards Board and
the Financial Accounting Foundation

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors and others rely heavily on credible, transparent and comparable financial information.

The Financial Accounting Foundation is responsible for funding, overseeing and selecting the members of the Financial Accounting Standards Board and Governmental Accounting Standards Board. For more information on the organizations it oversees, visit its web sites at www.fasb.org and www.gasb.org.