Allegheny Technologies Inc. Chairman and CEO L. Patrick Hassey has announced his decision to retire, effective May 1, 2011.
In accepting Hassey’s decision, the ATI Board of Directors has selected Richard J. Harshman, 54, to serve as Chairman, President and Chief Executive Officer, effective May 1, 2011. Hassey has agreed to provide advisory services to the company for the next three years to further assure a smooth executive management transition after his retirement.
“Over the past several years, the company has been transformed into a stronger, more efficient, and diversified specialty metals company with unsurpassed manufacturing capabilities,” said Hassey, reflecting on his decision to retire. “ATI is well-positioned for continued profitable growth as our key global markets expand in the coming years. Now is the right time for a change in leadership, and we expect a smooth transition to occur over the next few months.
“Rich Harshman was named President and Chief Operating Officer of the company last August as part of ATI’s well-developed succession planning process,” continued Hassey. “His judgment, business acumen, and intimate knowledge of the company make Rich exceptionally well qualified to lead ATI at this time. Since I joined the company in 2003, Rich and I have been working closely together to establish and implement ATI’s annual business plans and long-term strategies. I am confident that Rich’s values, leadership ability, and commitment to continuing the implementation of ATI’s plans and strategies will enable ATI to achieve new heights in the future.”
Hassey, who has been in the metals business for more than forty years, has been serving ATI for over eight years. He was first engaged as an independent consultant (early 2003) to determine the possible strategic direction of the company. In July 2003, the company announced that he had been elected to ATI’s Board of Directors and would become President and Chief Executive Officer on October 1, 2003. He was elected Chairman of the Board in May 2004.
The ATI Board of Directors acknowledged the many contributions Pat Hassey has made to ATI over the years and thanked him for his dynamic, inspirational, and visionary leadership. He guided the company through a strategic transformation, building it into a formidable global competitor that is substantially larger and more profitable than ever before in its history. ATI’s revenues in 2010 exceeded $4 billion and the company announced earlier this year that it expects revenues to grow by 15-20% in 2011. In addition, the company stated that it expected 2011 segment operating profit to be approximately 15% of sales.
Under Hassey’s leadership, the company has transformed and upgraded its manufacturing assets with self-funded investments in excess of $2 billion. These investments and other actions have positioned ATI as a leading international specialty metals producer.
Harshman has been with the company for 32 years and currently serves as President and Chief Operating Officer. Prior to being named President and Chief Operating Officer in August 2010, he served as Executive Vice President, Finance and Chief Financial Officer since 2003, prior to which he served as Chief Financial Officer beginning in 2000.
Allegheny Technologies Inc. is one of the largest and most diversified specialty metals producers in the world with revenues of $4.0 billion during 2010. The company’s products include titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings.