U.S. Steel CEO Mario Longhi is stepping down from the company's top job, effective immediately. David Burritt, who most recently served as president and chief operating officer of the Fortune 250 integrated steel company, will succeed Longhi.
Shares of U.S. Steel fell about 1 percent in after-hours trading following the announcement.
The board of directors elected Burritt to the role of president and chief executive on Monday.
Prior to joining U.S. Steel, Burritt served the chief financial officer at Caterpillar, where he worked for 32 years until he retired in 2010. He served as executive vice president and chief finance officer after joining U.S. Steel and was promoted to COO earlier this year.
Burritt takes over at a challenging time for the company. Last month, U.S. Steel reported disappointing first-quarter earnings that sent the stock plunging nearly $8 to under $23 a share on the day it released results. It has fallen nearly 33 percent since April 25.