Ryerson Launches Comprehensive Reorganization
10/25/2007 - Newly acquired Ryerson takes initial steps in a comprehensive reorganization, beginning with several key appointments to the company's senior leadership team.
Ryerson Inc. has taken the initial steps in a comprehensive reorganization to make the company stronger, more nimble and a better service provider for customers.
The reorganization, a follow-on to Ryerson’s acquisition last Friday by Platinum Equity, began with Platinum’s announcement of several key appointments to the company's senior leadership team:
- Robert Archambault was named Interim CEO. Archambault is a partner at Platinum Equity overseeing the Ryerson investment.
- Stephen Makarewicz was appointed as President and Chief Operating Officer. Makarewicz was previously President of Ryerson South.
- Terence Rogers was appointed as Executive Vice President and Chief Financial Officer. Rogers was previously Vice President of Finance for Ryerson.
Former Ryerson leaders that left the company as part of the reorganization included Neil Novich, former Chairman and CEO; Jay Gratz, former Chief Financial Officer; and Gary Niederpruem, former Executive Vice President. “We appreciate their longstanding commitment to Ryerson, their professionalism and leadership, and we wish them great success in the future," Mr. Archambault said.
Ryerson plans to announce further details of the reorganization in the weeks ahead. In the meantime, "our highest priority is to minimize any disruption to our customers, suppliers and business partners," Archambault said.
“The change in ownership and reorganization gives us an opportunity to build even stronger working relationships with all of our business partners,” he said. “I have encouraged every Ryerson employee to focus on improving service as our highest priority.”
“This is an exciting new era for Ryerson, and a unique opportunity for all of us to chart a course for the future,” Mr. Makarewicz said. “We will be reorganizing the company to improve customer service, profitability and achieve operational excellence.”
Platinum Equity, a buyout firm that specializes in complex operational turnarounds, acquired Ryerson last Friday, Oct. 19, 2007 in a take-private transaction.
Ryerson Inc. is a leading distributor and processor of metals in North America, with 2006 revenues of $5.9 billion. The company services customers through a network of service centers across the United States and in Canada, Mexico, India, and China.
