- Push-out Score determined
- After less than four years in the position
- Accolades, praise and thanks for Mollins
- Mollins said 75 words
(exechange) — Los Angeles, California, November 1, 2018 — Gregg Mollins, chief executive of Reliance Steel, hands over the reins. As announced by Reliance Steel & Aluminum Co. in a news release and in a regulatory filing published on Thursday, November 1, 2018, Gregg J. Mollins leaves his post as Chief Executive Officer at the largest metals service center operator in North America after less than four years in the role, effective December 31, 2018.
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 9.2 years, according to data compiled by exechange.
Mollins leaves the company effective December 31, 2019.
Gregg Mollins’s duties will be taken over by James D. (Jim) Hoffman, currently Chief Operating Officer of Reliance Steel & Aluminum Co.
“Strategic, deliberate and well-executed long-term succession planning process”
Gregg Mollins’s departure from the CEO post is explained as follows. Mark V. Kaminski, Reliance’s Chairman of the Board, said: “Jim’s promotion is the result of the Board’s completion of a strategic, deliberate and well-executed long-term succession planning process and we expect a seamless transition as he undertakes this new position.”
Precise information about Gregg Mollins’s future plans was not immediately available.
Reliance Steel said: “Mr. Hoffman currently serves as Reliance’s Executive Vice President and Chief Operating Officer, and will succeed Gregg J. Mollins as President and Chief Executive Officer.”
Reliance Steel further said: “On October 30, 2018, Gregg J. Mollins, President and Chief Executive Officer … of Reliance Steel & Aluminum Co. …, provided notice of his decision to retire from the Company. Mr. Mollins will continue in his role as President and CEO through December 31, 2018, after which he will serve as Senior Advisor to the CEO until his retirement from the Company on December 31, 2019.”
Share price rise since January 2016
The change follows a rise in the share price of Reliance Steel & Aluminum Co. since January 2016.
Chaired by Mark V. Kaminski
Reliance Steel & Aluminum Co. is chaired by Mark V. Kaminski.
In 2016 he was appointed Reliance’s independent, non-executive Chairman of the Board.
In the position of CEO since 2015
Mollins has been the President of Reliance Steel & Aluminum Co. since January 2002 and as its Chief Executive Officer since May 20, 2015.
Gregg J. Mollins was appointed a director of Reliance in September 1997 and became Chief Executive Officer in May 2015.
Mollins became President in 2002 and served as Chief Operating Officer from May 1994 to May 2015.
Mollins was Executive Vice President from November 1995 to January 2002.
He also served as Vice President and Chief Operating Officer from 1994 to 1995 and as Vice President from 1992 to 1994.
Mollins joined Reliance in 1986 as Division Manager of the former Santa Clara division, following ten years with certain of the Company’s competitors in various sales and sales management positions.
Mollins has spent his entire career in the metals service center industry and has been exposed to every operational area of the business.
Mollins will remain on Reliance’s Board of Directors and will continue in his role as CEO through the end of 2018, after which he will serve as Senior Advisor to the CEO until his retirement in December 2019.