McDermott Appoints Erich Kaeser to Its Board of Directors

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By MarEx 2016-02-26 09:19:24

McDermott International, Inc. (NYSE:MDR) announced that Erich Kaeser has been appointed to its Board of Directors, effective February 23, 2016. Mr. Kaeser will serve on the Company’s Audit Committee.

Mr. Kaeser served in key executive and advisory positions, with a strong focus on the Middle East markets, throughout his 35-year career at Siemens AG (“Siemens”), a global conglomerate producing energy-efficient and resource-saving technologies across a variety of industrial sectors. His experience includes Executive Advisor to the Siemens Board and Regional Middle East Management from December 2013 to December 2014, and previously, as Chief Executive Officer, Siemens Middle East, responsible for overseeing the Siemens business in 16 countries, including Saudi Arabia and Qatar, from September 2008 to December 2013. Mr. Kaeser, age 60, holds a Bachelor Degree in Electrical Power Engineering from the Regensburg University of Applied Sciences in Germany.

"We are pleased to welcome Erich to McDermott's Board of Directors," said Gary P. Luquette, Chair of the Board of McDermott. "His extensive executive management and operational experience in the global energy industry, particularly in the Middle East markets, will be an invaluable asset to the Company and will complement the extensive experience of our current Board. The addition of Erich also reflects our strong commitment to ongoing refreshment and succession planning for the Board of Directors. The Board looks forward to working with Erich and to his many contributions."

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