- Push-out Score determined
- After around eight years in the position
- Praise and thanks for Seaton
- Carlos Hernandez taking over in the interim
- Search for a successor
(exechange) — Irving, Texas, May 2, 2019 — David Seaton, chief executive of Fluor, leaves. As announced by Fluor Corp. in a news release and in a regulatory filing published on Thursday, May 2, 2019, David T. Seaton has left his post as chief executive officer at the engineering and construction firm after around eight years in the role, effective May 1, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange.
Fluor will undertake a search for a successor.
David Seaton’s duties were taken over in the interim by Carlos M. Hernandez, most recently executive vice president, chief legal officer and secretary of Fluor Corporation, as interim chief executive officer.
“He will provide the needed direction for the company”
A reason for David Seaton’s departure from the CEO post was not explicitly provided. Former CEO Alan L. Boeckmann, who has been named executive chairman of the board, said: “The board has great confidence in Carlos. We trust that he will provide the needed direction for the company and build upon Fluor’s leadership position in the marketplace.”
Precise information regarding David Seaton’s future plans was not immediately available.
Fluor said: “David T. Seaton has stepped down as CEO and will no longer serve as a member of the board of directors, effective May 1, 2019. He will remain with the company through the transition and to assist management as requested.”
Fluor further said: “On May 1, 2019, Mr. David T. Seaton, Chairman and Chief Executive Officer of Fluor Corporation …, stepped down from his position as Chief Executive Officer and as a member of the Board of Directors of the Company …, effective May 1, 2019.”
Share price decline
The announcement follows a decline in Fluor Corporation’s share price of 33 percent since October 2018.
In the position of CEO since 2011
David Seaton served as the chairman and chief executive officer of Fluor Corporation, one of the world’s leading and largest engineering, procurement, construction and maintenance services companies.
He became CEO and joined Fluor’s board of directors in February 2011, and was elected to the role of chairman of the board in February 2012.
Since joining the company in 1985, Seaton has held numerous positions in both operations and sales globally.
Prior to assuming his position, Seaton served as Fluor’s chief operating officer.
He has served as the senior group president over Energy & Chemicals, Government and Power Groups and was responsible for Fluor’s activities in China and the Middle East.
Active in a variety of professional and business organizations, Seaton serves on the board of directors of The Mosaic Company (NYSE: MOS) and is a member of the Business Roundtable and the International Business Council.
He is a board member of the American Petroleum Institute (API) and the U.S.-Saudi Arabian Business Council.
In 2011, he was appointed by the Secretary of Energy to serve as a member of the National Petroleum Council.
Effective January 1, 2017, Seaton began a two-year term as vice chair of the National Association of Manufacturers’ Board of Directors.
As chief executive officer, Seaton was dedicated to maintaining Fluor’s commitments in the areas of ethics and compliance, integrity and anti-corruption as well as community involvement.
He is an active leader and board member of the World Economic Forum’s Partnering Against Corruption Initiative.
He is a member of the Board of Governors of the Boys & Girls Clubs of America.
He is a National Trustee of PGA REACH, the charitable foundation of the PGA of America.
He is a recipient of the South Carolina State Guard’s Lifetime Achievement Award.
Seaton holds a bachelor’s degree from the University of South Carolina and received an honorary doctoral degree in 2014.
He completed the Advanced Management Program at the Wharton School of Business and Thunderbird University’s International Management Program.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Fluor and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 18.2019 ($).