Texas-based Fluor has signed a deal to use its twice-retired former chief financial officer, Michael Steuert as a consultant, the Department of Energy contractor said in a recent Securities and Exchange Commission filing.
Steuert is providing advice and consulting services through Dec. 31, 2023, according to the 8-K notice filed March 31. He will be paid $500,000 in stock up front plus $880,000 in additional compensation spread over eight quarterly payments starting in January 2022.
If necessary, Steuert “may also assist the Corporation in any litigation or investigations” for an additional fee of $500 per hour, according to the filing.
Steuert finished his second go-around as chief financial officer last July after rejoining the international engineering and construction company in June 2019 after seven years in retirement.
Fluor has resumed quarterly earnings reports, with the next one scheduled for May 7, after devoting much time in 2020 addressing inquiries by the Securities and Exchange Commission and the Justice Department about irregularities in some 2019 financial filings.
Steuert worked with Fluor as it set up an internal team to go through its own records. No errors turned up associated with the company’s DOE business, Fluor has said.
Fluor is a major player in the DOE weapons complex, being lead partner on a number of joint ventures including Savannah River Nuclear Solutions, which has a $15.8-billion contract that started in 2008 to manage the Savannah River Site in South Carolina.
