AK Steel announced Tuesday that James L. Wainscott, who has served as President and CEO since October of 2003 and Chairman of the Board since January of 2006, has announced his intention to retire as President and Chief Executive Officer, effective January 1, 2016. He will continue to serve as Executive Chairman, President and CEO of the company until his retirement on January 1, 2016, after which he will continue to serve as Chairman of the Board of Directors in a Non-Executive capacity.
Related to this change, the AK Steel Board of Directors made the following appointments, effective January 1, 2016:
•Roger K. Newport, age 50, is appointed Chief Executive Officer and a Member of the Board of Directors;
•Kirk W. Reich, age 47, is appointed President and Chief Operating Officer reporting to Roger Newport; and,
•James L. Wainscott, age 58, will continue to serve as Chairman of the Board of Directors.
Wainscott joined AK Steel as Vice President and Treasurer in 1995. He was named Chief Financial Officer in 1997, President, CEO and a member of the Board of Directors in 2003, and Chairman of the Board of Directors in 2006. Before joining AK Steel, Mr. Wainscott held a number of executive level positions with National Steel Corporation, and was elected Treasurer and Assistant Secretary of National Steel in 1993. In addition to his leadership of AK Steel, he serves as a member of the Board of Directors of Parker-Hannifin Corporation.
Newport started his career with the company in 1985 in the accounting department. He advanced through a number of increasingly responsible finance, sales and marketing roles at the corporate headquarters and the company’s Middletown Works. He was named Controller in 2001, and Chief Accounting Officer in 2004. He was named Vice President, Business Planning and Development in 2010, and Vice President, Finance and Chief Financial Officer in 2012. He was named Senior Vice President, Finance and Chief Financial Officer in 2014, and Executive Vice President, Finance and Chief Financial Officer in 2015.
Reich began his career with the company in 1989 in the engineering department at the company’s Middletown Works. He has extensive engineering, operations and maintenance experience, having led the company’s Middletown and Mansfield plants. He was named General Manager, Mansfield Works in 2000, General Manager, Middletown Works in 2006, Vice President, Specialty Steel Operations in 2010 and Vice President, Procurement and Supply Chain Management in 2012. He was named Senior Vice President, Manufacturing in 2014, and Executive Vice President, Manufacturing in 2015.