Photo courtesy of Radius Recycling
Tamara L. Lundgren, who for 17 years has served as CEO of Portland, Oregon-based metals recycling company Radius Recycling and its predecessor firm Schnitzer Steel Industries, stepped down from that post in early September.
In a letter dated Aug. 31 and posted to her LinkedIn page, Lundgren says effective Sept. 1, Chief Operating Officer Marc Hathhorn will take over as CEO and Lundgren will remain as executive chairperson through Nov. 30 to oversee the 100-day transition plan to facilitate Radius Recycling's merger with Toyota Tsusho Corp., or TTC.
In July, Toyota Tsusho America Inc. (TAI), a United States subsidiary of TTC and the larger Toyota Group of Japan, completed its acquisition of Radius Recycling Inc.
In her letter, Lundgren says her corporate journey with Radius offered her “the privilege of leading this extraordinary public company through a period of profound transformation.
"We’ve grown from a regional Pacific Northwest enterprise into a global leader in metals recycling—powered by innovation, operational excellence and a commitment to our people, communities and planet," she says.
During that time, Radius or its predecessor Schnitzer took part in approximately 40 acquisitions and significant capital investments.
“Today, we proudly serve customers in over 30 countries, support more than 10,000 suppliers across North America, and have introduced new offerings such as 3PR and GRN steel," Lundgren says. "We deployed our Advanced Metals Recovery Technology Systems—an innovation that not only enhances incremental metal recovery but also enables our teams to broaden our customer reach and increase product optionality.”
Lundgren says she is “filled with optimism" about the opportunities the merger with TTC brings.
“Reflecting the confidence that TTC has in the future of Radius, we achieved one of the highest deal premia ever paid in a public industrial transaction," she says.
The former CEO also notes that post-transaction, “Radius continues to operate with our organization, brand and strategy intact.”
Regarding her successor, Hathhorn joined Radius last November and has decades of global operating experience and leadership skills.
"I am confident in his vision and ability to successfully lead our organization with TTC," Lundgren says.
“Leading this organization has been one of the most meaningful experiences of my career—shaped by the relationships we've built, the partnerships we've cultivated and the milestones we've achieved together. I will carry with me not only the lessons learned but also the profound sense of pride in what we've accomplished as a team.”