company's move to be domiciled in Bermuda, will retire at the end of the year.

The company announced yesterday that Richard J. Swift, its chairman, president, and chief executive officer has indicated his intention to retire by the end of 2001.

"Dick will continue to guide the operations of the company until his retirement, to ensure a smooth transition while a search is conducted by the executive search firm Spencer Stuart,'' said board member Joseph J. Melone.

"Both internal and external candidates will be considered.'' Mr. Swift said: "Foster Wheeler has an outstanding reputation in our industry, and is especially known for innovation and quality throughout the world. The board of directors, together with the management team, has positioned the company to take advantage of the improving business climate in the markets we serve. With the energy crisis in California, and potentially elsewhere, the business environment for Foster Wheeler's clean coal technology and other power generation equipment is particularly positive.

"In view of these circumstances, and my desire to retire and pursue new challenges, I wanted to seize this opportunity, and, by the end of the year, confidently pass the reins to a successor chosen by the board.'' Mr. Swift has been with the company for 27 years and the company said that since his appointment to the CEO post in 1994, he has been instrumental in growing the energy equipment market segment of the business, while successfully managing their core engineering and construction operations.

Mr. Melone added: "He has also championed the change of the company's domicile to Bermuda to enhance the performance of the company's global business, and will lead the company in seeking shareholder approval for this important matter at the upcoming annual meeting on April 23rd.''