CMC said in a statement that Smith will remain chairman and chief executive, but CMC director Peter R. Matt will take over as president, effective 1 April. Matt has served on the CMC board since June 2020. 

Matt currently is executive vice president and chief financial officer of Constellium SE, a maker of rolled and extruded aluminum products for the packaging, aerospace and automotive markets. However, he is leaving Constellium, which he has helped lead since January 2017. 

Prior to that, Matt was managing partner for Tumpline Capital LLC. From 1985 to 2015, he held various leadership positions with Credit Suisse.

“Peter brings a wealth of financial, strategic and executive managerial experience, and his leadership has been excellent during his tenure on the (CMC) board of directors,” Smith said. “I am pleased to transition the role of president of the company to Peter. He is a proven leader, and this role shows that Peter has earned the full confidence of the board and management,” Smith added. 

The appointment is CMC’s second board-level appointment in recent weeks. 

Earlier in the month, CMC announced that Robert S. Wetherbee, chairman, president and chief executive of Dallas-based specialty metals producer ATI Inc. has been appointed to the CMC board, effective 21 March. 

“He brings extensive metals and mining industry expertise with a track record of driving strategic transformation in specialty materials,” Smith said in announcing his appointment. “His global perspective gained managing international organizations will benefit our company as we continue to create an unparalleled provider of reinforcement solutions for the domestic and overseas construction markets.”

Wetherbee has served as ATI chief executive since 2019. Prior to that, he was executive vice president of ATI's flat-rolled products group. He also has held leadership roles at Mineral Technologies Inc. and Alcoa Inc.