Appointment of Second US-Based Non-Executive Director
Perth, Feb 6, 2015 AEST (ABN Newswire) - Liquefied Natural Gas Limited (
ASX:LNG) (LNGLY:OTCMKTS) (LNGL or the Company) is pleased to announce the appointment of D. Michael Steuert as a Non-Executive Director of LNG Limited with effect from 9 February 2015. Mike is the Company's second US-based Non-Executive Director following the appointment of Houston-based Paul Cavicchi in October 2014.
Mike was the Chief Financial Officer and Senior Vice President at Fluor Corporation from May 2001 until his retirement in May 2012. Fluor (www.fluor.com) (NYSE:FLR) is one of the largest engineering & construction companies in the world. It has offices on six continents and provides comprehensive capabilities and world-class expertise in engineering, procurement, construction, and commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenue of $27.3 billion in 2013. On his retirement David Seaton, Fluor's Chairman and Chief Executive Officer said "Mike's legacy will include leaving Fluor with a robust balance sheet, strong cash reserves, impeccable credit rating and little, if any, debt. In the post Sarbanes-Oxley world, Mike led our efforts to develop and implement world-class financial reporting systems across our global network and enhanced our risk management capabilities. We appreciate all that Mike has done for Fluor during his tenure as CFO and we wish him the best in retirement."
Before joining Fluor Mike served as Senior Vice President and Chief Financial Officer for Litton Industries, Inc. from February 1999 to May 2001. He was Senior Officer and Chief Financial Officer of GenCorp Inc. (aerospace, propulsion systems, vehicle sealing systems, chemicals and real estate) from 1990 to 1999. He began his financial management career in 1971 at TRW Inc. and served in several management positions over a 15-year period, including Director of finance for TRW's European operations.
Mike has been a Director of ProLogis Inc. and a trustee of ProLogis Trust since September 2003, a Director of Weyerhaeuser Co. since October 2004 and a Director of Kurion Inc. since September 2012. He has served as the President of the Board of Trustees of the Mental Health Association of Summit County in Ohio, Regional Director of the Financial Executives Institute, and as a Member of the Leadership Akron Alumni. He has also served as a Director of The Private Sector Council.
Mike is a graduate of Carnegie Mellon University. He earned both Bachelors and Masters degrees from Carnegie Mellon University and has completed Post Graduate training at Harvard University and the University of Pennsylvania's Wharton School of Business.
LNG Chairman Richard Beresford said "We are honoured to have someone of Mike's financial and business standing join the LNG Board. His experience and knowledge of financial matters and capital markets and his understanding of the global engineering and construction industry will be important in achieving the Company's growth ambitions. Having a home in Texas will also enable him to interact regularly with our corporate and project teams in Houston."
About Liquefied Natural Gas Ltd
Liquefied Natural Gas Limited (
ASX:LNG) (OTCMKTS:LNGLY) (LNGL) is an ASX listed company whose portfolio consists of 100% ownership of the following companies:
- Magnolia LNG, LLC (Magnolia LNG), a US-based subsidiary, which is developing an eight mtpa or greater LNG export terminal, in the Port of Lake Charles, Louisiana, USA;
- Bear Head LNG Corporation Inc. (Bear Head LNG), a Canadian-based subsidiary, which is developing an 8 – 12 mtpa LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;
- Bear Paw Pipeline Corporation Inc. (Bear Paw), which is proposing to construct and operate a 62.5 km gas pipeline lateral to connect gas supply to Bear Head LNG; and
- LNG Technology Pty Ltd, a subsidiary which owns and develops the Company's OSMR® LNG liquefaction process, a midscale LNG business model that plans to deliver lower capital and operating costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.
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