Schnitzer Steel Industries, Inc.’s Board has elected Jill Schnitzer Edelson to fill a vacant seat on the Board. The company’s Board has also taken steps to have a majority of its Board be independent directors as defined by NASDAQ rules. As part of its planned transition, the Board accepted the resignations from the Board of three Schnitzer family members.
To assist it in facilitating the changes, Schnitzer Steel has retained Russell Reynolds Associates to identify and recruit three additional independent directors who will replace the three directors that resigned. Russell Reynolds will submit prospective directors to the Board's Nominating and Corporate Governance Committee, which is composed of three independent directors.
The company expects to complete these steps no later than its annual meeting in January of 2006. At that time, its 11-member Board will be composed of six independent directors; the company's CEO, John D. Carter; and four Schnitzer family members, including the company's current Chairman, Kenneth M. Novack, and Ms. Edelson.
"We've taken significant steps toward having a majority of independent directors on our Board," said Mr. Novack. "We are committed to setting and meeting high standards for corporate governance at Schnitzer, just as we're committed to capitalizing on the significant opportunities we see to create and deliver economic value to all our shareholders."
Dori Schnitzer, Gary Schnitzer and Carol Lewis are the three directors who have resigned. Gary Schnitzer will continue as an Executive Vice President of the company.
"We're pleased to welcome Jill to the Board," said Mr. Novack. "We look forward to her valuable perspective and contributions going forward. We're also very grateful to Dori, Gary, and Carol for their many years of dedicated service and their strong support during this carefully planned transition."
Ms. Edelson graduated from Pomona College and served as a consultant with Booz, Allen & Hamilton before earning a Master's of Business Administration from the Wharton School at University of Pennsylvania. She was a Business Development Manager at Salt Lake City-based Sarcos, Inc. and co-chaired the Riverdale School District Foundation's 2003-2004 Campaign.
Schnitzer Steel Industries, Inc. is one of the nation's largest recyclers of ferrous metals, a leading self-service used auto parts retailer with 30 locations in the U.S. and Canada, and manufacturer of finished steel products. The company, prior to the split with its joint venture partners, processes approximately 5.2 million tons of recycled ferrous metals per year as well as brokers nearly 3.0 million tons through various brokerage arrangements. In addition, the company's steel mill — Cascade Steel Rolling Mills — has an annual production capacity of approximately 700,000 tons of finished steel products. The company and its joint venture partners operate primarily along the West Coast and Northeastern seaboard of the United States.