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U. S. Steel Announces Executive Appointments
08/02/2011 - United States Steel announced two executive appointments in its corporate risk management and finance organizations; both appointments are effective immediately.
United States Steel Corp. announced two executive appointments in its corporate risk management and finance organizations, including Larry T. Brockway as Senior Vice President and Chief Risk Officer and John J. Quaid who will succeed Brockway as Vice President and Treasurer. Both appointments are effective immediately.
In the newly created role of Senior Vice President and Chief Risk Officer, Brockway will be responsible for further expanding the company's comprehensive financial and business risk management practices to establish a more integrated, systematic and enterprise-wide approach to the assessment, analysis and monitoring of business risks and opportunities and the identification of strategies for managing risk. He will report to U. S. Steel Chairman and CEO John P. Surma.
In his new position, Quaid will assume executive responsibility for all of the company's treasury functions, which include cash and banking, credit and collections, corporate finance and corporate insurance. He will report to U. S. Steel Executive Vice President and Chief Financial Officer Gretchen R. Haggerty.
Commenting on the appointments, Surma said, "Larry is uniquely qualified for the new role of Chief Risk Officer and brings a deep understanding of the financial, commercial and operational facets of our business and the complex dynamics of the markets in which we operate. Larry is one of our company's most highly regarded executives, and the combination of his business acumen and strong intellectual and interpersonal skills make him a natural choice for this important new role.
"John's diverse financial and business background, international experience and proven leadership skills make him an outstanding addition to our team of highly talented accounting and finance executives," continued Surma. "John will be assuming leadership of an excellent treasury organization, and he brings a wealth of knowledge about our business and great credibility in the financial community to this critical function."
Brockway, 51, began his career with Marathon Oil Corp. in 1981 as an accounting intern in the Findlay, Ohio, office and advanced through various accounting posts there and in Marathon's Houston, Texas, office. In 1997, he transferred to Pittsburgh to serve as Manager – Structured Finance for USX Corp., where he was later named Director of Corporate Finance (2000) and Director of Strategic Planning (2001). He was named Assistant Treasurer of Corporate Finance for U. S. Steel following the company's December 31, 2001, spin-off from USX Corp. Brockway was elected to his most recent post, Vice President and Treasurer, in 2004.
Brockway graduated from Bowling Green State University in 1982 with a bachelor's degree in accounting. He serves on the board of directors of the United States Steel and Carnegie Pension Fund and is a member of the Fund's Investment Committee. He is also a member of the Pittsburgh Symphony Orchestra's board of trustees.
Quaid, 39, joined U. S. Steel in 2002 as Manager of Investor Relations after working at PricewaterhouseCoopers' audit and assurance practice from 1994 through 1999 and at FastForward, Inc., a high-tech start-up company, from 1999 through 2002. In 2004, Quaid advanced to Director – Facility Marketing and Business Planning and in 2005 he relocated to Serbia as Director – Finance for U. S. Steel Serbia with responsibility for accounting and analysis, tax, cash and banking, and credit and collections in Serbia. He returned to the United States in 2007 to serve as a lead project manager for the company's Enterprise Resource Planning project. He later advanced to Assistant Corporate Controller in the company's accounting and finance organization (2008) and assumed his most recent position, Controller – North American Flat-Rolled Operations, in July 2010.
Quaid earned a Bachelor of Science degree in accounting from Lehigh University in 1994. He is a member of the Board of Directors of the United States Steel and Carnegie Pension Fund and serves on the Fund's Investment Committee. Quaid is also a member of the United Way of Allegheny County's board of directors.
