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RS - Reliance Steel & Aluminum Co News Story

$156.59 2.3  1.5%

Last Trade - 12/04/21

Sector
Basic Materials
Size
Large Cap
Market Cap £7.26bn
Enterprise Value £7.97bn
Revenue £6.41bn
Position in Universe 931st / 6841

Reliance Steel & Aluminum Co. Announces Director Succession and Leadership Promotions

Mon 18th January, 2021 11:50am
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− Karla Lewis appointed to Board of Directors and promoted to President
− Arthur Ajemyan promoted to Vice President, Chief Financial Officer
− David Hannah retiring from Board of Directors at 2021 Annual Meeting of
Stockholders

LOS ANGELES, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co.
(NYSE: RS) announced today that Karla R. Lewis has been promoted to President
and appointed to the Company’s Board of Directors consistent with the
Board’s executive leadership succession plan.

Mark Kaminski, Chairman of the Board of Reliance, commented, “The promotion
of Karla Lewis to President as well as her appointment to the Board marks
another important step in the Reliance Board of Directors’ strategic,
deliberate and well-executed long-term succession plan. Karla has been at the
center of Reliance’s extremely well executed growth strategy and her
knowledge of both Reliance and the larger metals service center industry is
extraordinary. Reliance remains the leading global diversified metal solutions
provider as well as the largest metals service center company in North
America, and Karla’s promotion and appointment to the Board enhances our
ability to continue to drive Reliance’s growth and profitability and
generate industry leading returns for our stockholders.”

Prior to being named President, Mrs. Lewis served as our Senior Executive Vice
President and Chief Financial Officer. Mrs. Lewis joined Reliance in 1992 as
Corporate Controller and has held various positions of increasing
responsibility since then including serving as Chief Financial Officer since
1999. She was promoted to Senior Vice President in 2000, Executive Vice
President in 2002 and Senior Executive Vice President in 2015.

As President, Mrs. Lewis will have general responsibility for management of
the operations of the corporation. Mrs. Lewis assumed the duties of President
on January 15, 2021. Her term as a director also took effect on January 15,
2021, and will expire at Reliance’s 2021 Annual Meeting of Stockholders. 

"I congratulate Karla on her well-deserved promotion and appointment to the
Board," said Jim Hoffman, Reliance’s Chief Executive Officer. "Karla has
demonstrated excellent judgment and leadership in each role she has held since
joining Reliance in 1992. Karla’s unique abilities and talents have earned
her the respect of our employees and shareholders. Karla’s promotion to
President recognizes her significant contributions to Reliance and will allow
her to broaden her knowledge of Reliance’s field operations and increase the
diversity of her experience. I look forward to continuing to work with Karla
in both the C-Suite as well as the boardroom."

In concert with Mrs. Lewis’ promotion, Reliance also announced the promotion
of Arthur Ajemyan to Vice President, Chief Financial Officer effective January
15, 2021. As Vice President, Chief Financial Officer, Mr. Ajemyan will
supervise all of the Company's financial operations including accounting,
financial planning, capital allocation, tax, and investor relations
activities. Mr. Ajemyan became Vice President, Corporate Controller in May
2014, having been promoted from Corporate Controller, a position he had held
since August 2012. From 2005 to 2012, Mr. Ajemyan held various positions in
the accounting and finance department at Reliance, including Group Controller
and Director of Financial Reporting. Prior to joining Reliance, Mr. Ajemyan,
a certified public accountant, held various professional staff and manager
positions at PricewaterhouseCoopers, LLP from 1998 to 2005.

Mrs. Lewis and Mr. Ajemyan will report to Mr. Hoffman.

Mr. Hoffman said, “We are very pleased to announce these promotions which
recognize Karla and Arthur’s significant contributions and expertise and
ensure the stability of Reliance’s executive leadership team going forward."

Separately, Reliance also announced today that David H. Hannah will retire
from the Board of Directors and not stand for reelection at the Company’s
2021 Annual Meeting of Stockholders. Mr. Hannah joined Reliance in 1981 and
served as our CEO from 1999 to 2015. He has been a director of Reliance since
1992 and was Chairman of the Board from 2007 to 2016. Mr. Hannah was the
architect of Reliance’s growth strategy, leading the Company’s 1994 IPO
and numerous subsequent acquisitions. During his tenure, Reliance experienced
remarkable growth, becoming the largest metals service company in North
America and a highly respected Fortune 500 company.

In closing, Mr. Kaminski said, "For 40 years, Dave Hannah has personified
Reliance’s culture of excellence and integrity. The Reliance Board and I
deeply appreciate Dave’s long and distinguished record of accomplishments,
and we extend our sincere thanks and gratitude for his service, leadership,
and many significant and indelible contributions to Reliance. We congratulate
Dave and wish him the very best in his retirement."

About Reliance Steel & Aluminum Co.
Founded in 1939 and headquartered in Los Angeles, California, Reliance Steel &
Aluminum Co. (NYSE: RS) is a leading global diversified metal solutions
provider and the largest metals service center company in North America.
Through a network of more than 300 locations in 40 states and 13 countries
outside of the United States, Reliance provides value-added metals processing
services and distributes a full line of over 100,000 metal products to more
than 125,000 customers in a broad range of industries. Reliance focuses on
small orders with quick turnaround and increasing levels of value-added
processing. In 2019, Reliance’s average order size was $2,090, approximately
51% of orders included value-added processing and approximately 40% of orders
were delivered within 24 hours. Reliance Steel & Aluminum Co.’s press
releases and additional information are available on the Company’s website
at www.rsac.com.

Forward-Looking Statements

This press release contains certain statements that are, or may be deemed to
be, forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements may include, but are
not limited to, discussions of Reliance’s business strategies and
expectations concerning Reliance’s future growth and profitability and its
ability to generate industry leading returns for its stockholders. In some
cases, you can identify forward-looking statements by terminology such as
“may,” “will,” “should,” “could,” “would,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “preliminary,” “range” and “continue,” the
negative of these terms, and similar expressions.

These forward-looking statements are based on management's estimates,
projections and assumptions as of today’s date that may not prove to be
accurate. Forward-looking statements involve known and unknown risks and
uncertainties and are not guarantees of future performance. Actual outcomes
and results may differ materially from what is expressed or forecasted in
these forward-looking statements as a result of various important factors,
including, but not limited to, actions taken by us, as well as developments
beyond our control, including, but not limited to, the impact of COVID-19 and
changes in worldwide and U.S. economic conditions that materially impact our
customers and the demand for our products and services. Other factors which
could cause actual results to differ materially from our forward-looking
statements include those disclosed in reports Reliance has filed with the
United States Securities and Exchange Commission (the “SEC”). As a result,
these statements speak only as of the date that they are made, and Reliance
disclaims any and all obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Important risks and uncertainties about Reliance’s
business can be found in “Item 1A. Risk Factors” of the Company’s Annual
Report on Form 10-K for the year ended December 31, 2019, as updated in the
Company’s Quarterly Report on Form 10-Q for the quarter ended March 31,
2020, Form 10-Q for the quarter ended June 30, 2020, Form 10-Q for the quarter
ended September 30, 2020 and in other documents Reliance files or furnishes
with the SEC.

CONTACT:
Brenda Miyamoto
Investor Relations
(213) 576-2428
investor@rsac.com

or Addo Investor Relations
(310) 829-5400



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