In early May, US Steel CEO Mario Longhi stepped down from the CEO job, with plans to fully retire from the company by the end of June. Many observers saw a connection between that sudden move and the company’s troubling earnings report a few weeks earlier.
Longhi joined US Steel (#249 on the CEO1000) in 2012 as executive vice president and chief operating officer, and took over as president and CEO in 2013. He inherited some significant long-term problems, including an aging plant infrastructure and slowing demand in emerging markets. In response, he oversaw a transformation effort dubbed “The Carnegie Way,” which led to a $745 million benefit to the company in 2016.
“BURRITT WILL NEED TO MOVE RAPIDLY TO ESTABLISH HIS LEADERSHIP.” – Jeff Kirschner, RHR International
Nevertheless, in the first quarter of this year, US Steel’s revenues missed analyst expectations, and the company showed a surprisingly large loss of $180 million—at a time when market conditions for the typically cyclical industry were on the rise. The result: a rapid drop of more than 25% in the company’s stock price.
Longhi’s replacement is David B. Burritt, the company’s president and COO—positions that he moved into earlier this year. Burritt brings a largely financial background to his new job—he joined US Steel as CFO and executive vice president in 2013, and before that spent 32 years at Caterpillar, where he eventually become CFO.
“By naming a lifelong finance leader to run the company, the board is signaling the need to quickly stem recent losses while retooling the enterprise to compete successfully in the future,” says Jeff Kirschner, a partner at RHR International. “Burritt will have a large leadership challenge in turning around the company. He will need to move rapidly to establish his leadership—through re-enrolling key talent and articulating a strategy that takes advantage of market conditions and lifts performance in the short-term.”
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
