Schnitzer Steel Industries, Inc. announced the election of Tamara L. Lundgren as President and CEO and a director, effective December 1, 2008. She replaces John D. Carter, who becomes Chairman of the Board, also effective December 1, 2008.
The company’s board of directors elected Lundgren and Carter to their new positions during its meeting on October 29, 2008.
Lundgren, who has served as Executive Vice President and Chief Operating Officer for the past two years, joined the company in September 2005. She has been the key architect of the company's growth strategy and enhanced operational efficiency.
“We are fortunate to have Ms. Lundgren's talent, strategic insight, and international experience continuing to provide leadership during the current market conditions," said Chairman-elect John Carter. He also noted that "the combination of her financial expertise and demonstrated operational capabilities are ideal for the immediate challenges facing our industry as well as the longer-term growth opportunities available to us."
Current board Chair Kenneth M. Novack, who will continue as a director, emphasized that "our company has benefited from the complementary combination of Mr. Carter and Ms. Lundgren for the past three years. We are fortunate to be in a position to provide a seamless succession through these changes, which will be advantageous to both our shareholders and our employees going forward." Novack noted that "Schnitzer has achieved record growth, earnings, and profitability since Mr. Carter and Ms. Lundgren joined the Company in 2005."
Prior to joining Schnitzer, Lundgren was a managing director in investment banking at Deutsche Bank and JPMorgan Chase in London and New York. She has served on the boards of financial services and technology companies, as well as being active in executive leadership groups. "I am honored to have the opportunity to lead our Company and its experienced management team into a new era for our industry," said Ms. Lundgren.
Carter joined the company in 2005 as the first non-family CEO in the company’s hundred-year history. He led the organization through regulatory issues facing Schnitzer at the time and built the platform upon which the company has expanded in geographic scope and profitability. Previously, Carter had retired after a distinguished career at San Francisco based Bechtel Group.
Schnitzer Steel Industries is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 39 operating facilities located in 12 states throughout the country, including six export facilities located on both the East and West Coasts and in Hawaii. The company's vertically integrated operating platform also includes its auto parts and steel manufacturing businesses. With an annual production capacity of nearly 800,000 tons, the company's steel manufacturing business—Cascade Steel Rolling Mills—produces finished steel products, including rebar, wire rod and other specialty products. The company commenced its 103rd year of operations in fiscal 2009.