- After six years on the job
- Alvarado will remain as Chairman at Commercial Metals
- Alvarado kept it short and said 36 words
(exechange) — Irving, Texas, June 26, 2017 — Joe Alvarado, chief executive of Commercial Metals, hands over the reins. As announced by Commercial Metals Company in a news release and in a regulatory filing published on Monday, June 26, 2017, Joseph (Joe) Alvarado leaves the post as Chief Executive Officer at the steel and metal manufacturer after six years on the job, effective August 31, 2017.
Alvarado’s duties are taken over by Barbara Smith, currently Chief Operating Officer at Commercial Metals Company.
“Part of the Company’s long-term succession plan”
The management change is explained as follows. Richard B. Kelson, the Company’s Lead Director, said: “Barbara’s promotion into the role and responsibilities of CEO and President is part of the Company’s long-term succession plan.”
Alvarado will remain as Chairman at Commercial Metals
“Joe Alvarado will continue to serve the Company as Chief Executive Officer through August 31, 2017 and will continue to serve as Chairman of the Board through the Company’s annual meeting of stockholders to be held in January 2018,” Commercial Metals said.
Share price rise since September 2011
The change follows a rise in the share price of Commercial Metals Company since September 2011.
On the job as CEO since 2011
Alvarado joined the Company in April 2010 as Executive Vice President and Chief Operating Officer (“COO”).
He was named President and COO in April 2011, and in June 2011, he was appointed President and CEO effective September 2011.
He was elected to the Company’s Board in September 2011 and was appointed as Chairman in January 2013.
Prior to joining the Company, Alvarado served as President and COO at Dallas, Texas-based Lone Star Technologies, Inc., a company engaged in producing and marketing casing, tubing, line pipe and couplings for the oil and gas, industrial, automotive and power generation industries, from 2004 through 2007.
He held such positions until United States Steel Corporation, a steel manufacturer, named him President of U.S. Steel Tubular Products in June 2007 after completing its acquisition of Lone Star Technologies, Inc. and its related companies, a position he held until March 2009.
Alvarado began his career in steelmaking at Inland Steel Company in 1976, serving in various capacities until he was promoted to President of the Inland Steel Bar Company in 1995.
Subsequently, Alvarado served as Executive Vice President-Commercial at Birmingham Steel Company from 1997 to 1998.
In 1998, Alvarado joined Ispat North America Inc. as Vice President-Long Products Sales and Marketing, where he served until joining Lone Star Technologies in 2004.
Read the full story in the exechange report 27.2017 ($).