TORONTO, Nov. 8, 2017 /PRNewswire/ - Russel Metals Inc. (RUS - TSX) announces that John G. Reid will succeed Brian R. Hedges as Chief Executive Officer, effective May 2, 2018. Mr. Hedges who joined Russel Metals as Chief Financial Officer in 1994, and has led the company as Chief Executive Officer since 2009, will retire on that date.
Mr. Reid began his career with JMS Metals Services in 1991 and was promoted to President of JMS in 1994. Russel Metals acquired JMS in 2007 and since then Mr. Reid has grown in the organization, taking on additional responsibilities as Vice President, Service Center Operations in 2009, Chief Operating Officer in 2013 and President in 2016.
Russel Board Chair Jim Dinning commented, "The Board has been working with Brian and John to carefully plan this succession for several years. John Reid has an impressive track record with 26 years of industry experience as an entrepreneur, a manager and a leader. John has partnered with Brian Hedges in all key initiatives over the past ten years, and we believe John is uniquely qualified to assume the CEO responsibilities as we advance the growth of our business and support the Russel culture that has made our company the industry leading performer."
Mr. Dinning further commented, "On behalf of the Board of Directors, I want to express our heartfelt thanks and appreciation for Brian's 23 years of remarkable leadership at Russel Metals. Under Brian's stewardship, Russel has operated successfully in a highly cyclical industry and has increased the company's intrinsic value through disciplined acquisitions and investments. In his straightforward, 'no-nonsense' manner, Brian assembled, mentored and led a talented management team, both at the corporate and unit levels. They will continue to serve shareholders well into the future."
Mr. Dinning concluded, "With John Reid's full support, the Board plans to nominate Brian Hedges to continue to serve on Russel Metals' Board following his retirement as CEO. We believe that his knowledge and depth of experience will continue to be an asset to shareholders and the company. In addition, as the new CEO, John Reid will also be nominated to serve on the Board."
Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: metals service centers, energy products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Alberta Industrial Metals, Apex Distribution, Apex Monarch, Apex Remington, Apex Western Fiberglass, Arrow Steel Processors, B&T Steel, Baldwin International, Color Steels, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Mégantic Métal, Métaux Russel, Métaux Russel Produits Spécialisés, Milspec, Norton Metals, Pioneer Pipe, Russel Metals Processing, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.
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SOURCE Russel Metals Inc.