Stelco Appoints New Chief Executive
02/20/2019 - A 42-year-old Stelco executive has been promoted to the helm of the Canadian steelmaker and has taken on his new duties, the company announced Tuesday.
In a statement, Stelco said David Cheney, who had served as executive vice president and chief business development officer, will oversee the company’s day-to-day operations as its chief executive officer. Meanwhile, former chief executive Alan Kestenbaum will continue in his role as executive chairman and turn his focus to corporate growth, strategic planning and maximizing shareholder returns.
Kestenbaum said Cheney’s appointment recognizes the strong leadership he has provided since his investment firm, Bedrock Industries, acquired Stelco.
“We have worked together very closely for several years, and David has earned my full confidence and that of the board of directors and management, and I am proud to transition the role of CEO of the company to him,” Kestenbaum said.
“This transition will allow me to continue to oversee all aspects of the company while allowing me more time to focus on driving the company’s strategy and growth initiatives. Stelco has delivered very strong results since our acquisition, and I am very confident that this executive change will bring even stronger results and accelerated growth.”
Prior to joining Stelco and Bedrock Industries, Cheney worked as an investment banker at J.P. Morgan and Deutsche Bank, and he most recently was responsible for the metals and mining practice at Wells Fargo Securities.
Kestenbaum said Cheney’s appointment recognizes the strong leadership he has provided since his investment firm, Bedrock Industries, acquired Stelco.
“We have worked together very closely for several years, and David has earned my full confidence and that of the board of directors and management, and I am proud to transition the role of CEO of the company to him,” Kestenbaum said.
“This transition will allow me to continue to oversee all aspects of the company while allowing me more time to focus on driving the company’s strategy and growth initiatives. Stelco has delivered very strong results since our acquisition, and I am very confident that this executive change will bring even stronger results and accelerated growth.”
Prior to joining Stelco and Bedrock Industries, Cheney worked as an investment banker at J.P. Morgan and Deutsche Bank, and he most recently was responsible for the metals and mining practice at Wells Fargo Securities.
