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Nucor’s DiMicco stepping down as chairman, leaving board

DIMICCO NUCOR
DAVIS TURNER - BLOOMBERG
Long-time Nucor leader Dan DiMicco will step down as executive chairman and leave the board of directors at the end of the year, the Charlotte-based steelmaker said Tuesday.

Long-time Nucor leader Dan DiMicco will step down as executive chairman and leave the board of directors at the end of the year, the Charlotte-based steelmaker said Tuesday.

DiMicco, 63, became executive chairman on Jan. 1 after passing the CEO title to John Ferriola, who had been president and chief operating officer. DiMicco, who served as CEO for more than 12 years, presided over one of the company’s strongest growth periods and became known for his outspoken advocacy for the U.S. manufacturing industry.

Ferriola, 62, who also holds the president title, will become chairman on Jan. 1. DiMicco will become chairman emeritus.

“As Chairman and CEO, Dan has led Nucor through a period of transformative change from which all our constituencies have and will continue to benefit,” Raymond Milchovich, Nucor’s lead independent director, said in a statement.

Nucor makes steel products such as bars and beams in facilities primarily in the United States and Canada. It has a total of 22,000 employees, with just under 100 in Charlotte.

In the third quarter, the company reported profits of $146.7 million, beating analyst estimates. The results included a $14 million writedown related to the collapse of a storage dome at a plant under construction in Louisiana.

Nucor shares on Tuesday climbed less than 1 percent to $53.52.

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