Fluor names Peter Oosterveer as COO Fluor Corporation announced a realignment of senior executives to improve its speed to market and client offerings for its commercial businesses. Peter Oosterveer was named COO, responsible for leading the growth and development of Fluor’s commercial business lines. In addition to Oosterveer’s appointment as COO, Fluor is creating a more streamlined organization based on the company’s commercial business lines. He is additionally responsible for the integration and advancement of the company's direct-hire construction, fabrication and modularization capabilities. Financial performance will be reported through the company’s current reporting segments. Oosterveer was formerly the group president of Fluor’s Energy & Chemicals Group.
Fluor downgraded to Underperform from Buy at BofA/Merrill As previously reported, BofA/Merrill assumed coverage on Fluor with an Underperform rating from a Buy rating. The firm sees better value elsewhere in the sector and expects double-digit backlog decline and peak earnings in 2015. Price target is $51.