NORTH AMERICA HEADLINESNorth America
Universal Stainless to Elect New Chairman of the Board
Feb. 24, 2010 Universal Stainless & Alloy Products, Inc.’s Board of Directors intends to elect Dennis M. Oates, 57, the company's President and Chief Executive Officer, to the additional position of Chairman, in anticipation of the impending retirement from the Board of its current Chairman, Clarence M. ("Mac") McAninch.
McAninch will retire from the Board at the Shareholders' Meeting in May and relinquish his Chairmanship pursuant to the company's policy on mandatory age limitations for Directors: individuals may not be nominated for election as a Director of the company after reaching 75.
"When we selected Denny to run the company day-to-day in 2007, I knew we had a very able and competent individual,” said McAninch. “I am sure Denny will fulfill the responsibilities of Chairman of the Board with the same enthusiasm, professionalism, and ethics that he has demonstrated as President and CEO."
"I am certainly honored to have the Board's confidence in me to fill the Chairman position, and I will do everything necessary to fulfill the responsibilities and obligations the position requires,” said Oates. “On behalf of my fellow directors and our employees, I want to extend our sincerest gratitude to Mac for his vision and untiring effort to make Universal the successful company that it has become. We will all miss Mac's involvement on the Board."
Universal Stainless & Alloy Products, Inc., headquartered in Bridgeville, Pa., manufactures and markets a broad line of semi-finished and finished specialty steels, including stainless steel, tool steel, and certain other alloyed steels. The company's products are sold to rerollers, forgers, service centers, original equipment manufacturers, and wire redrawers.