Steel Technologies LLC has announced that CEO Bradford T. Ray will resign and assume an advisory role as of July 1, 2010. Michael J. Carroll will be appointed CEO and President that same date, subject to board approval on June 11, 2010.
Ray joined the company in 1981 and has served in a number of leadership roles over the last 29 years, including CEO since 1999. He served on the Board of Directors since 1989 and was Chairman of the Board from 2002 through 2007.
Prior to becoming CEO, Ray served as President and Chief Operating Officer from November 1994 to 1999. Previously he was Executive Vice President of the company from April 1993 to November 1994 and also served as Vice President Manufacturing of the company from January 1987 through April 1993.
Carroll is currently serving as President and COO, a position he has held since 1999. Mike started with the company in 1979 and was previously Executive Vice President, a position he held since 1995. Prior to this, he was Senior Vice President of Sales and served on the company’s Board of Directors from 1992 through 2010.
Ray will assume an advisory position to the senior management and the Board of Managers of the company. The succession plan is scheduled to be adopted and approved by the Board at a meeting on June 11.
Steel Technologies processes flat rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. It has 23 locations including three joint venture operations, located throughout the United States, Canada, and Mexico.
Steel Technologies was a public company from 1985 through 2007 and traded on the NASDAQ prior to being purchased by Mitsui & Co. (U.S.A,), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a Japanese trading company. In April 2010, Mitsui & Co. (U.S.A.), Inc. entered into a 50:50 joint venture with Nucor Corp. As part of this venture, each company now indirectly holds 50% share in Steel Technologies.