Executive for Fluor Resigns for New Post
Fluor Corp. said Wednesday that its chief financial officer, Robert L. Guyett, has resigned to accept a similar position at Engelhard Corp. in Edison, N.J.
No successor was named. Fluor said it will consider both inside and outside candidates for the replacement.
Guyett, 54, a five-year veteran at the engineering and construction giant, was also senior vice president and a member of Fluor’s board of directors. One Wall Street analyst said his resignation, effective Sept. 14, should have little impact on Fluor stock.
“Bob clearly was one of the strongest CFO’s I’ve encountered,” said Deborah L. Thielsch of First Boston Corp., who said she expected Fluor to seek an outside replacement. “They’ll have to look hard to find someone as good, but I’m sure there are many qualified people out there.”
Guyett, of Corona del Mar, said that in addition to becoming CFO at Engelhard, he will also oversee about a quarter of the company’s precious metals management business. Engelhard’s main business is specialty chemicals.
“I’m leaving Fluor at a time when its financial position has never been stronger . . . ,” Guyett said, noting that the company has slashed debt and increased earnings. “It’s in great financial shape.”
For its second quarter ended April 30, Fluor reported earnings of $41.6 million--up 10% from a year earlier--on revenue of $1.6 billion.
Fluor Chairman Les McCraw said in a statement that Guyett was “instrumental in the company’s major financial restructuring program in the 1980s” and said his resignation was accepted with regret.