John J. Ferriola To Be Named Nucor CEO Effective January 1, 2013,
Daniel R. DiMicco Continues As Executive Chairman
CHARLOTTE, N.C., Nov. 16, 2012 /PRNewswire/ -- Daniel R. DiMicco, who in more than 12 years as
Chief Executive Officer led Nucor Corporation (NYSE: NUE) through
one of its most explosive and profitable growth periods and an
industry-leading total shareholder return of 463.9%, announced
today that he is passing this privilege and responsibility on to
current President and Chief Operating Officer, John J. Ferriola. Ferriola will follow
DiMicco as CEO effective January 1,
2013.
DiMicco, 62, who served as Nucor's CEO longer than anyone since
founder Ken Iverson, took over as
Nucor's leader in September 2000,
near the start of an economic slump that radically restructured the
steel industry in the United
States and abroad. DiMicco will remain with Nucor as
Executive Chairman.
Peter C. Browning, Nucor's lead
independent director, said, "Dan
DiMicco has been one of the nation's outstanding CEOs. I
believe one of his most remarkable and lasting achievements was his
ability to retain and strengthen Nucor's unique culture, even as
Nucor's strategy evolved. One of the first things he did as CEO was
to visit every Nucor division to talk with Nucor teammates
nationwide. While sales rose nearly five-fold and the number of
divisions jumped, Dan kept every teammate focused on the Nucor core
principles of Safety, Teamwork, Integrity, Personal Responsibility,
Performance, Continual Improvement and Profitability."
John Ferriola has stepped
repeatedly into roles of increasing responsibility as part of
Nucor's succession planning. An electrical engineer by training,
Ferriola began his career with Bethlehem Steel Corporation in 1974.
He joined Nucor in 1992 as manager of maintenance and engineering
at the Jewett, Texas bar mill.
Through his first decade with the company, Ferriola served as
general manager at three divisions: Vulcraft Texas in Grapeland, the bar mill in Norfolk, Nebraska, and the sheet mill in
Crawfordsville, Indiana. He was
named Executive Vice President in 2002, then Chief Operating
Officer of Steelmaking Operations in 2007. In January 2011, the Board of Directors appointed
him Nucor's President and Chief Operating Officer and elected him
to the Board.
"I am honored to be given the opportunity to lead the tremendous
team we've assembled," Ferriola said. "We have many challenges in
front of us, as we continue to work safely and take care of our
customers. I am extremely excited about the impressive work being
done by our team to significantly grow Nucor's earnings platform
well into the future."
"This announcement reflects the thoughtful, planned transition
of leadership at Nucor," Browning said. "John's appointment as
President in 2011 provided the opportunity for John and Dan to work
together even more closely the past two years, laying the
groundwork for a seamless change in leadership."
DiMicco said, "Nucor couldn't be in better hands. I'm very
confident in the ability of John and the rest of our management
team to take on our current and future challenges and to lead the
company's continual growth in the coming years. For the Board and
me, it has been absolutely critical for the next Nucor CEO to come
from within, and nothing brings me greater satisfaction than for
John to be CEO going forward.
"As Executive Chairman, I look forward to continuing to work
with and provide strong support to the executive team led by John
in the areas of corporate growth, strategic succession planning and
Nucor's efforts to promote a strong, vibrant manufacturing
base."
Under DiMicco, Nucor developed a five-point growth plan designed
to strengthen and diversify Nucor's earnings power in both the
peaks and troughs of the steel industry's business cycle. From
September 2000 through the end of
2011, Nucor's total return to shareholders was 463.9%, dwarfing the
returns of both the Standard & Poor's 500 Index (4.3%) and the
S&P Steel Industry Group Index (173.9%).
In 2005, BusinessWeek magazine ranked Nucor the nation's No. 1
company, based on sales growth and return on investment. In the
coming years, Nucor and Dan DiMicco
made three additional appearances on the BusinessWeek 50 list.
Harvard Business Review included DiMicco in its 2010 top 100 list
of The Best Performing CEOs in the World, and in 2011, he was named
to Industry Week magazine's Manufacturing Hall of Fame.
As always, DiMicco would be the first to tell you these are all
Nucor team awards and not possible without their continued
successes and support.
Nucor and affiliates are manufacturers of steel products, with
operating facilities primarily in the U.S. and Canada. Products produced include carbon and
alloy steel – in bars, beams, sheet and plate; steel piling; steel
joists and joist girders; steel deck; fabricated concrete
reinforcing steel; cold finished steel; steel fasteners; metal
building systems; steel grating and expanded metal; and wire and
wire mesh. Nucor, through The David J. Joseph Company, also brokers
ferrous and nonferrous metals, pig iron and HBI/DRI; supplies
ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is
North America's largest
recycler.
SOURCE Nucor Corporation