CB&I has announced that Patrick K. Mullen has assumed the role of President and Chief Executive Officer, completing the previously announced transition plan.
Mullen said: “It is an honour to have been chosen to lead CB&I. While I recognise this is a challenging cycle for our industry, I have a great deal of confidence in CB&I's employees and capabilities and in our ability to create long-term value for all of our stakeholders. To best position CB&I going forward as we maintain our relentless focus on safety and sound execution of our backlog, we will be taking decisive action in several areas:
- Strengthening our balance sheet.
- Streamlining the company's cost profile.
- Further enhancing the company's risk management and execution standards.
- Increased innovation and collaboration with our customers.
"Actions in these areas will build on CB&I's many existing strengths. We look forward to sharing more detail on these actions and CB&I's strategic direction in the coming months."