HOUSTON -- Bruce W. Wilkinson will retire as chairman of the board of directors and CEO of McDermott International Inc. by Dec. 31, 2008.
"I joined McDermott in April 2000, and became chief executive in August of that year. I believed the turnaround challenge the company faced, and my tenure, would be a three- to five-year effort. Now, at age 63, I am only several months from serving eight years in this role. I am enormously proud of our success, which could not have occurred but for the outstanding management team that we have assembled. Looking forward, McDermott is well-positioned in the key energy markets of the engineering and construction industry, and its future is especially bright," Wilkinson said.
Admiral Bruce DeMars, McDermott's lead independent director, said, "On behalf of the Board of Directors, we appreciate Bruce's outstanding stewardship, dedication and leadership that he has provided for the company. During his tenure as CEO, McDermott's shares have appreciated approximately 2,000%, representing over $11 billion of shareholder value creation. With regret, we acknowledge and accept his desire to retire by the end of this year.
"The company has conducted robust succession planning for all key officer positions, and the board has worked cooperatively with Bruce in this process," DeMars added. "Considering his significant advance notice, the Board will simultaneously consider both the internal and external candidates as part of a worldwide search for Bruce's successor."