- Signs for push-out forces
- After almost four years on the job
- Laud, praise and thanks for Longhi
- David Burritt taking over
- Longhi said 65 words
(exechange) — Pittsburgh, Pennsylvania, May 10, 2017 — Mario Longhi, chief executive of U.S. Steel, leaves. It is an abrupt change. As announced by United States Steel Corporation in a news release and in a regulatory filing published on Wednesday, May 10, 2017, Mario Longhi has already left the post as Chief Executive Officer at the steel company in a surprising move after almost four years on the job, effective May 08, 2017.
Longhi leaves the company effective June 30, 2017.
Longhi’s duties are taken over by David Burritt, most recently Chief Operating Officer at United States Steel Corporation.
“To position the Corporation for near- and long-term profitability and competitiveness”
A reason for the sudden change was not explicitly given. U.S. Steel said: “These management changes reflect the Corporation’s succession planning and are intended to continue the successful implementation of the Corporation’s wide-ranging business transformation to position the Corporation for near- and long-term profitability and competitiveness.”
Precise information about the future plans of Longhi was not immediately available.
U.S. Steel said: “Mr. Mario Longhi, Chief Executive Officer, has elected to retire effective June 30, 2017.”
U.S. Steel further said: “Mr. Longhi relinquished the position of Chief Executive Officer of the Corporation effective May 8, 2017.”
Longhi will continue to serve as an employee of the Corporation, providing transitional support, until his retirement on June 30, 2017, at which time he also will retire from the Board of Directors.
Share price decline
The change follows a sharp decline in the share price of United States Steel Corporation since February 2017.
Chaired by David S. Sutherland
United States Steel Corporation is chaired by David S. Sutherland.
Sutherland became the independent Chairman of the Board of U. S. Steel on January 1, 2014.
On the job as CEO since 2013
Mario Longhi received a Bachelor’s degree in metallurgical engineering from the Institute Mauá de Tecnologica in São Paulo, Brazil in 1977.
Longhi was elected: Executive Vice President and Chief Operating Officer of United States Steel Corporation in July 2012; President and Chief Operating Officer in June 2013; President & Chief Executive Officer and a Director in September 2013; and Chief Executive Officer and a Director on February 28, 2017.
Prior to joining U. S. Steel, Longhi spent six years at Gerdau Ameristeel Corporation, serving first as president from 2005 through 2006 and then additionally in the role of chief executive officer from 2006 until 2011.
Before his arrival at Gerdau Ameristeel, Longhi spent 23 years at Alcoa, Inc., which he joined in 1982 as a construction superintendent for the company’s Alumar Refinery in his native Brazil.
During his time with Alcoa, he advanced through increasingly responsible positions in Brazil, the United States and Switzerland, including tenures as president – Alcoa Wheels International, president – Alcoa Forgings Division, president and chief executive officer – Howmet Castings, and Alcoa vice president and group president – Global Extrusions.
Longhi was named 2015 Steelmaker of the Year by the Association for Iron and Steel Technology and CEO of the Year at the 2015 Platts Global Metals Awards.
He was also honored by American Metal Market in 2011 with an Award for Steel Excellence as Industry Ambassador/Advocate of the Year.
In January 2017, Longhi was invited to participate in U.S. President Donald Trump’s Manufacturing Jobs Initiative.
Longhi also currently serves on the Executive Committee and Board of Directors of the World Steel Association.
He is also vice chairman of the American Iron and Steel Institute (AISI), serves as a member of AISI’s Board of Directors and is chairman of the association’s Policy and Planning Committee.
Longhi serves on the Board of Directors and Executive Committee of the National Association of Manufacturers.
Signs for push-out forces
It is not completely certain what forces eventually triggered Mario Longhi’s sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 20.2017 ($).