Irving, Texas-based Fluor said in a press release last week CEO David Constable will also become chairman of the company’s board of directors, with executive chairman Alan Boeckmann deciding not to seek re-election to the board during the upcoming shareholders meeting May 5.
“Alan rejoined Fluor’s board as executive chairman in 2019 and has served Fluor Corporation for nearly 40 years in leadership positions, including the company’s chairman and CEO from 2002 to 2011,” Constable said in the Feb. 8 release, adding Boeckmann also served as non-executive chairman until 2012.
“Alan’s depth and breadth of knowledge of the global engineering and construction industry and Fluor’s clients served as an anchor for decades,” Constable said. “More recently, Alan provided tremendous leadership and insight to Fluor’s management and its board and helped restore the confidence of stakeholders across the globe.”
After considering selling off its government contracting business, for the Department of Energy and other agencies, Fluor said in February 2020 it would keep the unit. As executive chairman, Boeckmann helped Fluor work through that process and also a Securities & Exchange Commission probe into certain financial filings by the company in 2019.
“Fluor’s Board of Directors requested that I return to the company nearly 3 years ago, and for Fluor, the answer ‘no’ was not in my vocabulary,” Boeckmann said in the release. “It has always been my intention to help the company in any way I was able, and so I was honored by the invitation,” he said. “Since that time, under David Constable’s leadership, Fluor’s balance sheet has been strengthened and investor confidence has been restored,” Boeckmann added.
Constable, already serving as a Fluor board member, became CEO in January 2021, a move announced by the company in November 2020, marking the second time Fluor had replaced its CEO in two years.
Constable is a board member of robotics and automation company ABB and a former director of Anadarko and Rio Tinto, according to the release. He also served as CEO and executive director of Sasol from 2011 to 2016. As for Boeckmann, he will remain a board member of NuScale, a small modular reactor developer in which Fluor is a major investor.
Fluor is lead partner on several different joint ventures doing business within the DOE weapons complex, including the $15.8-billion management and operations contract held by Savannah River Nuclear Solutions at the Savannah River Site in New Mexico. The company is also an integrated subcontractor for Triad National Security, the National Nuclear Security Administration’s (NNSA) management and operations contractor for the Los Alamos National Laboratory.
Fluor is also the lead partner on the Nuclear Production One team that appeared on the cusp of taking over the NNSA’s Pantex Plant and Y-12 National Security Complex in the spring, until losing bidders protested the agency’s award.
Fluor’s stock price, north of $58 per share in 2018, went as low as $6.50 in March 2020. As of Thursday, it stood at more than $21.
Fluor will discuss its quarterly earnings during a conference call with financial analysts at 8:30 a.m. Eastern Time on Tuesday, Feb. 22.
