Fluor is bringing back a retired chief financial officer, Michael Steuert, to permanently fill the role again as current CFO Bruce Stanski assists the Dallas-area company’s new chief executive with a strategic review.
The international engineering, procurement, and construction company also announced Monday that Mark Fields will become the new president of its energy and chemicals business group. Fields, who joined Fluor 38 years ago, now heads the energy and chemicals group in the Americas.
The personnel moves take effect June 1.
“It is with great pleasure that we welcome back Mike Steuert as Fluor’s CFO,” CEO Carlos Hernandez said in a Monday press release. Steuert was Fluor’s CFO and senior vice president from 2001, when he joined the company, until retiring in mid-2012. Prior to joining Fluor, Steuert held similar posts with Litton Industries, a defense contractor that Northrop Grumman bought in 2001.
Steuert played a key role in strengthening Fluor’s financial performance during his earlier stint as CFO, said Hernandez, who took over as interim CEO on May 1 before the company’s Board of Directors formally selected him for the job on May 16.
Hernandez, previously the company’s executive vice president and chief legal officer, replaced David Seaton as CEO. Seaton, who had led Fluor since 2011, was reportedly asked to resign due to the company’s sputtering financial performance.
Upon taking the top job, Hernandez kicked off a strategic review of the company’s operational and financial performance, which he expects to complete prior to the next quarterly earnings report in August. The effort includes analyzing Fluor’s investments and joint ventures, according to the press release.
Among other Energy Department business, the company leads the potential $3.4 billion, 10-year contract decommissioning at the Portsmouth Site in Ohio, extends through March 2021. A Fluor-led team also has the operations and management contract at the Savannah River Site in South Carolina, under a 10-year, $11 billion agreement, which has been extended through July.
