Daniel R. DiMicco recently made the announcement that he will be retiring from both his position as executive chairman and his seat on Nucor’s Board of Directors on December 31, 2013. He will however be given the honorary title of chairman emeritus.
John J. Ferriola, who is currently the chief executive officer and president of the company, has been named as the new chairman of the board. His new duties will begin January 1, 2014.
DiMicco began his role as the CEO close to the economic slump that drastically changed the steel industry in the United States and even abroad. Under his guidance, Nucor’s total shareholder return growth was almost four times higher than the total return of the S&P Steel Group. He and his team also successfully executed a multi-prong growth strategy for the company including optimization of existing operations, growth through acquisitions, greenfield growth and expansion of control over raw materials.
Nucor is the manufacturer of steel products, including stainless steel, primarily in the US and Canada.