U.S. Steel's Gary Works entrance. Chief Financial Officer Kevin Bradley is resigning, and the company is making other senior personnel changes, as it restructures. Staff photo by Joseph S. Pete
U.S. Steel Chief Financial Officer Kevin Bradley plans to resign as the company is undergoing a restructuring that's expected to help cut annual costs by $200 million by 2022.
Bradley will step down as CFO on Nov. 4 and remain in an advisory role through the end of the year. He will help with the transition to his successor, Christine Breves, who currently serves as senior vice president of manufacturing support and as chief supply chain officer.
U.S. Steel CEO David Burritt said Bradley has been instrumental in the company's effort to add mini-mill production to its traditional integrated mills.
“Kevin has served U. S. Steel well as CFO, contributing to the transformation of the company, including last week’s announcement of our investment in Big River Steel," President and CEO David Burritt said. "Kevin’s leadership improved the company’s balance sheet and enabled the company’s transformation to a world competitive ‘best of both’ integrated and mini-mill technology company. Kevin has also enhanced several other key components of our financial capabilities with an emphasis on financial planning and analysis. Kevin has demonstrated unwavering support of the company and an absolute commitment to the highest financial and professional integrity. I have appreciated Kevin’s dedication to the company and thank him for his key contributions to help create a stronger, more successful future for U. S. Steel.”
Breves will take over as chief financial officer, overseeing the Pittsburgh-based steelmaker's finances, including investor relations, tax, credit, treasury services, pension responsibilities and internal audit administrative oversight, as well as internal and external reporting.
She has worked at U.S. Steel since 2013, overseeing its logistics services organization, its short-line railroad subsidiary, sales and operations planning, information technology, engineering, corporate quality and commerce support. The former Alcoa chief procurement officer led U.S. Steel's asset revitalization and reliability-centered maintenance programs.
“Christie has been a go-to leader for U. S. Steel in driving transformation throughout the company," Burritt said. "Her accomplishments include developing a world-class supply chain function and establishing U. S. Steel as a steel leader in cash conversion cycle. Her depth of operational knowledge, as well as her financial acumen and leadership during times of transition, make her an excellent choice for the CFO role. As we continue to execute our strategy to position U.S. Steel as an industry leader in delivering high-quality, value-added products, we are confident that appointing Breves to this key position will accelerate our progress and ability to deliver long-term value for all of our stakeholders.”
U.S. Steel also announced it was adopting a new corporate structure after buying a 49.9% stake in Big River Steel that would allow it to cut fixed costs by $200 million a year by 2022. The steelmaker's leadership team is being realigned to be "more nimble and efficient."
Scott Buckiso, the senior vice president of automotive solutions, was named chief manufacturing officer of the North American flat-rolled segment, a role in which he'll oversee flat-rolled production facilities like Gary Works and the Midwest Plant in Portage. Doug Matthews, senior vice president, industrial, service center, mining solutions and tubular, was named chief commercial & technology officer. Rich Fruehauf, now senior vice president, strategic planning and corporate development, was named chief strategy and development officer.
Other executives will remain in their current roles.
“Our enhanced leadership team structure is the right next step to help U. S. Steel achieve its ambitious strategy to create the leading integrated and mini-mill steel company with a world competitive, ‘best of both’ footprint to better serve our customers," Burritt said. "We are intensely focused on improving our capabilities to win in strategic markets, reducing structural costs with a leaner footprint and attracting and investing in the best talent that share our S.T.E.E.L. Principles. We have been investing in building a footprint of world-class assets, and with today’s announcement we will become a more focused, agile organization with a world-class leadership team ideally structured to capitalize on market opportunities and position us for success."
Sara Greenstein also is resigning from her role as senior vice president of consumer solutions to become chief executive officer of a publicly-traded company. U.S. Steel said her departure was unrelated to the restructuring, which takes effect on Jan. 1, 2020.
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