U.S. Steel Corp. announced today that John P. Surma will relinquish the chief executive officer position at the Pittsburgh steel company to the man who has been directing a cost-cutting campaign there.
Mario Longhi, the company's chief operating officer who added the title of president in May, will take over the CEO role effective Sept. 1.
Mr. Surma will continue as executive chairman through the end of the year, when he will retire, according to the company's announcement this afternoon.
"I am pleased that our well-established succession planning process has produced such a capable and experienced executive who deserves the opportunity to lead U.S. Steel and our new management team into the future," Mr. Surma said in a prepared statement.
In addition to promoting Mr. Longhi, the company said its chief financial officer, Gretchen R. Haggerty, will retire at the end of August. That job will be filled by David B. Burritt, who served as chief financial officer and vice president of global finance and strategic services for Caterpillar Inc. from 2004 to 2010.
U.S. Steel's general counsel and senior vice president-corporate affairs James D. Garraux also plans to retire by the end of the year, the company said.
Seth Schofield, the presiding director of the company's board, said, "Our board extends its appreciation to John Surma for his many contributions during his decade as CEO, which included some of the most challenging years in U.S. Steel's long history. We are equally excited about the company's prospects under the leadership of Mario Longhi, who is uniquely qualified to lead U.S. Steel into the future."
Teresa F. Lindeman: email@example.com or 412-263-2018. First Published August 16, 2013 9:00 PM