Schnitzer Steel names new CEO

Schnitzer Steel names new CEO

Portland, Oregon-based Schnitzer Steel Incorporated (SSI) has named John D. Carter as its Chief Executive Officer. Carter is the first person to lead the company who has no ties to the Schnitzer family. He replaces Chairman and CEO Robert Philip. SSI also announced the appointment of Kenneth Novack as the board’s Chairman. The changes coincide with investigations the company has launched into allegations that it may have violated federal law when it paid commissions to Asian purchasing managers who bought its recycled metals. The company says it is cooperating fully with the US Department of Justice and Securities and Exchange Commission. The company declined to comment on whether the resignation was a result of the aforementioned investigation. SSI is one of the nation’s largest recyclers of ferrous metals, a leading recycler of used and recycled auto parts through its chain of Pick-N-Pull self service auto parts stores, and a manufacturer of finished steel products.