Fluor 2001 Annual Report Download - page 6

FLUOR CORPORATION 2001 ANNUAL REPORT
Fluor has maintained its strong “A” investment-grade credit rating and enjoys the strongest
financial position of any publicly traded company in our industry. Fluor’s financial strength
is an increasingly important competitive advantage and ensures our ability to secure let-
ters of credit and bonding capability critical to executing major projects for our clients.
OTHER MANAGEMENT CHANGES
In May, we were pleased to welcome D. Michael Steuert as senior vice president and chief
financial officer. Mike joins us from Litton Industries where he served as senior vice pres-
ident and chief financial officer.
In another management change, vice chairman Jim Stein retired from Fluor and its
board of directors, effective January 2, 2002. We are grateful to Jim for the many contri-
butions he made during his nearly 40-year career at Fluor. Jim provided great leadership
in the variety of executive positions he held during his long tenure, and we wish him the
best in his retirement.
ACKNOWLEDGEMENTS
Congratulations are again in order to Fluor’s employees for another outstanding year
of safety performance. Safety remains a core value at Fluor and is a clear competi-
tive differentiator. Fluor completed 2001 with an all-time record low of lost workdays,
delivering safety performance during the year that was 66 times better than the national
industry average.
Continuing its 50-year tradition of helping communities in need, the Fluor Foundation,
along with Fluor employees around the world, donated both time and money to assist vic-
tims of the September 11 tragedy, along with a variety of other charitable giving through-
out the year. In addition to Fluor employee contributions, the Fluor Foundation has
contributed more than $90 million to education, community and cultural organizations
throughout the world, since its creation in 1952.
I would like to thank our board of directors and employees for their outstanding
contributions during the year. Their efforts were key to delivering improved financial per-
formance and repositioning the company to ensure our resources and management atten-
tion are focused on the opportunities to create the greatest value for our shareholders.
Lastly, let me extend my appreciation to our shareholders for their support and
confidence in our company and its future. I am confident that Fluor has never been in
a better position to deliver increasing shareholder value than it is today. I am truly excited
about realizing our corporate vision to be the preeminent leader in the global build-
ing services marketplace based on our differentiated ability to deliver dependability,
expertise, and safety performance to our customers.
Alan L. Boeckmann,
Chairman and Chief Executive Officer
March 12, 2002
PHILIP J. CARROLL, JR.
FORMER CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
FLUOR CORPORATION
CHAIRMAN AND CEO PHIL CARROLL RETIRES
Phil Carroll, who joined Fluor in 1998 as
Chairman and CEO, retired on February 6,
2002. The company and its board of direc-
tors are grateful to Phil for his significant
contributions. He accomplished what he
came to do and was instrumental in redi-
recting the company’s strategy and
increasing its focus on clients. He led the
separation of Massey Coal from Fluor, cre-
ating significant value for shareholders
of both companies. Fluor’s improved finan-
cial performance is a result of his empha-
sis on fiscal discipline and focus on serving
select clients for whom Fluor can deliver
value. His work on succession planning
and development of the next generation
of management has ensured that the
organization, its strategic focus and its
leadership are well aligned to achieve
Fluor’s business objectives and financial
goals. Phil’s leadership during his tenure
significantly contributed to positioning
the company to deliver the kind of per-
formance that will make Fluor an undeni-
able leader in the global building and
services marketplace and a superior
investment for shareholders.
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