- Push-out Score determined
- After 35 years in the position
- Accolades and praise for Siegal
- Siegal will remain as Executive Chairman at Olympic Steel
- Siegal spoke at length and said 153 words
(exechange) — Cleveland, Ohio, October 2, 2018 — Michael Siegal, chief executive of Olympic Steel, hands over the reins. As announced by Olympic Steel Inc. in a news release and in a regulatory filing published on Tuesday, October 2, 2018, Michael D. Siegal leaves his post as Chief Executive Officer at the steel processor after 35 years in the role, effective January 1, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9 years, according to data compiled by exechange. Only 2 percent of the CEOs who departed over the past 12 months left the position after more than 30 years.
Siegal’s duties will be taken over by Richard T. (Rick) Marabito, currently Chief Financial Officer of Olympic Steel Inc.
Siegal’s move is part of a management shake-up also involving the positions of Chief Financial Officer; and Treasurer.
“The appropriate time for an orderly leadership succession”
The management change is explained as follows. Siegal said: “Our Company is in a position of financial strength, with experienced leadership executing a proven strategy, making this the appropriate time for an orderly leadership succession.”
Siegal will remain as Executive Chairman at Olympic Steel
“Michael D. Siegal, Olympic Steel’s Chief Executive Officer since 1984, will transition to Executive Chairman of the Board at the end of this year, stepping down as CEO,” Olympic Steel said.
Olympic Steel said: “Michael D. Siegal, Olympic Steel’s Chief Executive Officer since 1984, will transition to Executive Chairman of the Board at the end of this year, stepping down as CEO.”
Share price decline
The change follows a decline in the share price of Olympic Steel Inc. since July 2016.
In the position of CEO since 1984
Michael D. Siegal joined the Board in 1984.
He became Chief Executive Officer of the Company in 1984 and assumed the role of Chairman of the Board in 1994.
Since 2014, Siegal has served on the board of directors of Cleveland-Cliffs Inc., an iron ore mining company.
He also serves on the board of directors of the Development Corporation of Israel and the Jewish Agency for Israel, where he is currently the Board Chair.
Siegal has previously served on the board of directors of the MSCI, University Hospitals of Cleveland and the Rock and Roll Hall of Fame and Museum.
He also previously served as the Board Chair of the Jewish Federation of North America and the Jewish Federation of Cleveland.
With over 30 years of executive experience at the Company, Siegal possesses proven managerial skills and firsthand knowledge of nearly every aspect of the Company’s business operations.
As a member of the founding family of the Company, Siegal also brings to the Board knowledge and understanding of the evolution of a family business into a successful public company.
Siegal is also a substantial long-term shareholder of the Company.