Allegheny Technologies Incorporated (NYSE: ATI) announced today
that its Board of Directors has appointed Robert S. Wetherbee to
become ATI’s President and Chief Executive Officer effective
January 1, 2019, when he will also join the ATI Board.
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Robert S. Wetherbee (Photo: Business
Wire)
Mr. Wetherbee, 58, was identified through a robust, Board-driven
leadership development and succession planning process to succeed
Richard J. Harshman as ATI’s President and Chief Executive Officer.
Mr. Harshman, who currently serves as ATI’s Chairman, President and
Chief Executive Officer, has informed the Board he will retire
after a distinguished 41-year career with ATI to spend more time
with his family.
To ensure a smooth leadership transition, Mr. Harshman will
remain Chairman, President and Chief Executive Officer until
January 1, 2019, following which he will continue to serve as
Executive Chairman of the Board until his retirement in conjunction
with ATI’s May 9, 2019 Annual Meeting.
The Board has elected Diane C. Creel, who has served as ATI’s
Lead Independent Director since 2011, to become Board Chair
effective immediately following Mr. Harshman’s May 2019
retirement.
Bob Wetherbee has been ATI’s Executive Vice President, Flat
Rolled Products Group since 2014. He was recruited in 2014 to
transform ATI’s Flat Rolled Products (FRP) business, then heavily
reliant on commodity stainless steel and strip, into the business
that it is today: a producer of high-value differentiated flat
rolled products, which leverages its innovative Hot Rolling and
Processing Facility (HRPF) and other assets to serve global
markets, including the aerospace and defense, oil & gas, and
chemical/hydrocarbon processing industries, with a base load of
commodity stainless products.
Bob first joined ATI in 2010 to run the Tungsten Materials
business, which under his leadership, achieved record financial
performance results prior to its divestiture by ATI in 2013. Bob
left ATI in early 2013 to serve as the CEO of another public
company for approximately one year before being recruited back to
ATI by Mr. Harshman to lead the transformation of the FRP business.
Prior to joining ATI, Bob spent 29 years at Alcoa serving in a
variety of operational leadership roles
Mr. Harshman commented, “ATI begins the next phase of its
journey from a position of strength as a more aligned and
integrated, technology-focused global leader in specialty materials
and complex components. It is the absolute right time for this
transition to a leader who played a key role in all that we have
accomplished since 2014. Bob is an excellent selection to lead the
company into the future.”
“Bob is an experienced, respected, values-based leader with deep
knowledge of ATI’s global markets, customers, technologies,
operations and products. He has extensive operational leadership
experience within ATI and other large globally-focused specialty
materials manufacturers,” Ms. Creel stated. “The Board is confident
that Bob will continue ATI’s strategy of leveraging its technology
leadership and driving a relentless focus on innovation and
continuous improvement to create long-term sustainable value for
ATI’s shareholders and customers and opportunities for our
employees.”
“On behalf of ATI’s Board of Directors, I want to thank Rich for
his outstanding leadership and commitment to ATI over the years,”
said Ms. Creel. “He had the vision and courage to make tough
decisions and to create a values-based culture committed to
teamwork, accountability, and innovation. The Board respects and
supports Rich’s decision to retire.”
“I am honored to succeed Rich as ATI’s next CEO and to have the
opportunity and privilege to lead ATI’s team of talented and
dedicated people,” said Mr. Wetherbee. “We have significantly
transformed ATI over the last several years, and I will continue
our relentless focus on advancing ATI’s strategy to be the world’s
best specialty materials and components manufacturer.”
Bob’s successful leadership of ATI’s Flat Rolled Products
business led to many significant achievements, most notably:
- Completion and commissioning of ATI’s
state-of-the-art Hot Rolling Processing Facility
- Shut down of underperforming and
uncompetitive operations and product lines
- Streamlining of FRP’s operations and
workforce
- Achievement of critical cost reductions
and work flow improvements through a variety of union
negotiations
- Re-focusing of the commercial and
engineering organizations on differentiated products and growth
strategies
- Building a workforce with the necessary
leadership, materials science, and process automation skills of the
future.
These actions have ATI’s Flat Rolled Products Group strongly
positioned for sustainable profitable growth.
Bob holds a Bachelor of Science in Industrial Administration
with an emphasis in Accounting from Iowa State University, attained
his CPA, and completed a variety of manufacturing education and
leadership development programs.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management's current
expectations and include known and unknown risks, uncertainties and
other factors, many of which we are unable to predict or control,
that may cause our actual results, performance or achievements to
materially differ from those expressed or implied in the
forward-looking statements. Additional information concerning
factors that could cause actual results to differ materially from
those projected in the forward-looking statements is contained in
our filings with the Securities and Exchange Commission. We assume
no duty to update our forward-looking statements.
Creating Value Thru Relentless Innovation™
ATI is a global manufacturer of technically advanced specialty
materials and complex components. With revenue of $3.8 billion for
the twelve month period ending June 30, 2018, our largest market is
aerospace & defense, particularly jet engines. We also have a
strong presence in the oil & gas, electrical energy, medical,
automotive, and other industrial markets. ATI is a market leader in
manufacturing differentiated specialty alloys and forgings that
require our unique manufacturing and precision machining
capabilities and our innovative new product development competence.
We are a leader in producing powders for use in next-generation jet
engine forgings and 3D-printed aerospace products.
ATIMetals.com
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version on businesswire.com: https://www.businesswire.com/news/home/20180814005319/en/
Allegheny Technologies IncorporatedScott A. Minder,
412-395-2720www.ATImetals.com
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