On Monday, the shareholders of Fontana, California-based flat rolled and tubular steelmaker California Steel Industries (CSI) elected to rotate the CEO and Chairman of the Board positions at the company, in keeping with historical practices. Toshiyuki Tamai, a longtime CSI executive, will become President and CEO effective August 1, 2012, replacing Vicente Wright, who has been appointed as CSI's Chairman of the Board of Directors, replacing Mr. Kaoru Okamoto.
CSI's two shareholders are Vale S.A. and JFE Steel Corporation of Japan. Each shareholder owns 50 percent of the shares of CSI. The leadership changes follow a longstanding practice where one shareholder company has appointed the CEO and the other the Chairman of the Board position, and then vice versa upon the next rotation.