Long-time CEO will be replaced by John Ferriola.
Charlotte, N.C.-baed Nucor has announced that Daniel DiMicco is retiring from the company’s board of directors and as executive chairman of the company effective Dec. 31, 2013.
In recognition of his extensive efforts to drive the steel company to success, the company’s board has bestowed upon DiMicco the honorary title of chairman emeritus. DiMicco served as chairman of the company from May 2006 to December 2012, CEO from Sept. 2000 to December 2012 and president from September 2000 to December 2010.
Raymond Milchovich, Nucor lead independent director, says, "On behalf of the Nucor board, I would like to recognize Dan's remarkable career. As chairman and CEO, Dan has led Nucor through a period of transformative change from which all our constituencies have and will continue to benefit. We wish Dan and his family many years of health and good fortune."
Following DiMicco’s retirement, Nucor’s board named John Ferriola, currently serving as CEO and president, its new chairman, effective Jan. 1, 2014.
"One of my most important and satisfying contributions to Nucor is that my successor, John Ferriola, is home grown and the best in the business for the opportunity to lead Nucor and its teammates to its best years ever,” DiMicco says. “He has my complete support and confidence that he will succeed in this endeavor.”
Ferriola joined Nucor in 1992 as manager of maintenance and engineering at the company’s Jewett, Texas, bar mill. Through his first decade with the company, Ferriola served as general manager at three divisions: Vulcraft Texas in Grapeland, the bar mill in Norfolk, Neb., and the sheet mill in Crawfordsville, Ind.
He was named vice president in 1996, executive vice president in 2002, and COO of steelmaking operations in 2007. In January 2011, Nucor’s boards appointed him Nucor's president and COO and elected him to the board. Ferriola has served as CEO and president of Nucor since January 2013.
"I am honored to be given the opportunity to serve as chairman of Nucor," Ferriola says. "I thank the board for their confidence in me, and I thank our 22,000 teammates for their support that made this honor possible."