Schnitzer names new chief financial officer

Schnitzer Steel Industries Inc., based in Portland, Oregon, has announced changes to its executive positions primarily involving the chief financial officer (CFO) role.

The company says its board of directors has agreed to retain the executive vice president and chief strategy officer roles of Richard Peach but has named Stefano Gaggini to replace him as CFO.

Peach had served as Schnitzer’s CFO since 2007, and the company says he will be assigned an “expansion of scope and responsibility” in his ongoing role as chief strategy officer.

Gaggini had previously served as Schnitzer’s vice president, deputy CFO and chief accounting officer. Effective this Sept. 1, he will serve as the company’s senior vice president and CFO. Gaggini has been working for Schnitzer since 2011.

Also in late July, the Schnitzer board appointed Mark Schuessler to serve as chief accounting officer, being promoted from vice president of accounting and reporting.

“Our strategy capitalizes on the megatrends of decarbonization, increased use of recycled metals and the circular economy through organic growth, inorganic growth, technology investments and digital transformation initiatives,” says Tamara Lundgren, chairman and CEO of Schnitzer. “In light of the commitment required to achieve successful execution of our strategy and with a strong track record of building and leading a talented finance team, we are delighted to announce that, effective Sept. 1, Richard Peach will assume an expanded role as chief strategy officer.”

Lundgren continues, “As a result of Richard’s new role and consistent with our succession planning, Stefano Gaggini, the company’s deputy CFO, will become the company’s CFO, and Mark Schuessler will become chief accounting officer. All of these individuals are proven leaders who bring a wealth of experience, business acumen, and technical skills to their new roles which position them well to successfully assume these new responsibilities.”

Schnitzer Steel Industries has scrap processing facilities in 25 states, Puerto Rico and western Canada, including seven deep water export facilities located on both the East and West coasts and in Hawaii and Puerto Rico. The company also operates auto salvage locations and has steel manufacturing operations producing rebar, wire rod and other products.