Barbara R.
Smith to Retire as Chief Executive Officer, Effective
September 1, 2023; Will Continue as
Chairman of the Board
Peter R. Matt,
President, Appointed Chief Executive Officer and President,
Effective September 1, 2023
IRVING,
Texas, July 10, 2023 /PRNewswire/ -- The Board of
Directors of Commercial Metals Company (NYSE: CMC) ("CMC" or
the "Company") announced today that Barbara
R. Smith, the Company's Chief Executive Officer and
Chairman, has chosen to retire as Chief Executive Officer and has
been appointed Executive Chairman of the Board, effective
September 1, 2023. The board
unanimously voted to appoint Peter R.
Matt, the Company's President, to the role of Chief
Executive Officer and President of the Company effective
September 1, 2023. Mr. Matt
will also continue as a member of the Company's Board of Directors,
which he joined in June 2020.
Sarah Raiss, the Company's Lead
Independent Director commented, "On behalf of the Board of
Directors, I want to thank Barbara for her years of service to CMC,
her outstanding leadership, commitment to our values and dedication
to the Company, its employees, customers, communities and
shareholders. Barbara led CMC through a period of unprecedented
transformation, growth and innovation. The Board is looking
forward to continuing this strong trajectory under the leadership
of Peter Matt, who is a strategic
thinker, strong collaborator and proven leader."
Barbara R. Smith, the Company's
Chairman and Chief Executive Officer, stated, "We have every
confidence in Peter as he takes on the role and responsibilities of
Chief Executive Officer, which is the result of a thoughtful and
deliberate long-term succession planning process. Peter brings a
wealth of financial, strategic and executive leadership experience,
and I am pleased to transition the role of Chief Executive Officer
of the Company to Peter."
Mr. Matt is a seasoned global business leader with significant
experience across a range of industrial companies including metals
and metals-related industries. Mr. Matt has served as the Company's
President since April 9, 2023.
Prior to serving as the Company's President, Mr. Matt served from
January 2017 to April 2023 as Executive Vice President and Chief
Financial Officer of Constellium SE, a leading global aluminum
fabrication company. Prior to joining Constellium, Mr. Matt served
as a Managing Partner for Tumpline Capital, LLC from 2015 to 2016.
From 1985 to 2015, he held various leadership positions with Credit
Suisse.
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture,
recycle and fabricate steel and metal products and provide related
materials and services through a network of facilities that
includes seven electric arc furnace ("EAF") mini mills, three EAF
micro mills, one rerolling mill, steel fabrication and processing
plants, construction-related product warehouses and metal recycling
facilities in the United States
and Poland. Through its
Tensar operations, CMC is a leading
global provider of innovative ground and soil stabilization
solutions selling into more than 80 national markets through two
major product lines: Tensar® geogrids and
Geopier® foundation systems.
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SOURCE Commercial Metals Company