McDermott International Inc. has promoted Stephen M. Johnson, currently the company's president and COO, to president and CEO of J. Ray McDermott SA, effective January 1, 2010. He succeeds Robert A. Deason, who will retire at the end of the year.
Separately, McDermott plans to separate its operating subsidiaries, The Babcock & Wilcox Co. (B&W) and J. Ray, into two independent, publicly traded companies. Following completion of the separation, McDermott intends to be renamed J. Ray McDermott SA, and McDermott shareholders will own 100% of two separate companies: B&W and J. Ray. Johnson will continue to serve as president and CEO of the newly independent J. Ray and will join the company's board of directors.
Johnson has served as president and COO of McDermott since April 2009. He has over 35 years of experience in the engineering and construction industry. Previously, he served as senior executive vice president and member, Office of the Chairman at Washington Group International, prior to its sale to URS Corp. Prior to joining WGI, Johnson spent 28 years with Fluor Corp.
He earned a bachelor’s degree from Texas A&M University and completed executive education in management and finance at Duke University.
