Commercial Metals Company Announces Passing of longtime Board member Rick Kelson

Rhea-AI Summary

Commercial Metals Company (NYSE: CMC) announced with deep sadness the passing of Richard B. "Rick" Kelson on February 13, 2021. Kelson served on the Board of Directors for eleven years, including five years as lead director, and was recognized for his exceptional leadership and guidance. Barbara Smith, CMC's CEO, expressed condolences to Kelson's family. Known for his extensive career at Alcoa and various board roles, Kelson's impact on CMC will be remembered. In his honor, CMC will donate to the Penn Center for Research on Coronavirus.

Positive

• Rick Kelson served eleven years on CMC's Board, enhancing company leadership.
• His extensive experience at Alcoa brings insights valuable to CMC.
• Leadership continuity remains strong with CMC's experienced board.

Negative

• The passing of Kelson may create a gap in board experience.
• Potential impact on strategic decisions without his guidance.

IRVING, Texas, Feb. 15, 2021 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) ("CMC") today announced with great sadness the passing, on February 13, 2021, of Richard B. "Rick" Kelson, a valued member of the Company's Board of Directors. 

Barbara Smith, Chairman of the Board, President and Chief Executive Officer, said, "It is with a heavy heart that I announce the passing of our friend and fellow Board member, Rick Kelson. Rick served as a Board member for eleven years including five years as our lead director.  We are grateful for his outstanding leadership, friendship, guidance and wisdom over the years and will miss him greatly. On behalf of CMC's Board and employees, we send our deepest condolences to Rick's loving wife, Ellen, and to his family."

Rick received a Bachelor of Arts degree in political science from the University of Pennsylvania and a Juris Doctor degree from the University of Pittsburgh. He also served in the U.S. Army Reserves. He spent more than 30 years with Alcoa, Inc., serving in senior management roles including positions in the company's legal department and as Executive Vice President – Environment, Health and Safety and General Counsel, and as a member of Alcoa's Executive Council. He also served as the company's Executive Vice President and Chief Financial Officer for nearly a decade. He retired from Alcoa in 2006 holding the position of Chairman's Counsel. After his retirement, Rick remained active in business and was Chairman, President and Chief Executive Officer of ServCo LLC since 2009. He also served as an operating advisor with Pegasus Capital Advisors, L.P. In addition to serving on CMC's Board, Rick was Chairman of the Board of Ingevity and a member of the Board of Ecovative Design LLC. He previously served on the Boards of Directors of PNC Financial Services Group, Inc., MeadWestvaco Corporation, Anadigics, Inc., and Lighting Science Group Corporation. He was a member of the Board of Trustees at Carnegie Mellon University from 2000 to 2006 and served on the Board of the University of Pittsburgh Law School Board of Visitors since 2000. Rick was a member of the Board of Directors for the non-profit KaBOOM, Inc. from 2008 until 2014, where he served as Chairperson of the Board for the majority of his term.

Commercial Metals Company will make a donation in memorial of Rick Kelson to the Penn Center for Research on Coronavirus.

About Commercial Metals Company

Commercial Metals Company and its subsidiaries manufacture, recycle and fabricate steel and metal products, related materials and services through a network of facilities that includes seven electric arc furnace ("EAF") mini mills, two EAF micro mills, two rerolling mills, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the U.S. and Poland.

 

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SOURCE Commercial Metals Company

FAQ

What was Rick Kelson's role at Commercial Metals Company (CMC)?

Rick Kelson served as a Board member for eleven years, including five years as lead director.

When did Rick Kelson pass away?

Rick Kelson passed away on February 13, 2021.

How is CMC honoring Rick Kelson's memory?

Commercial Metals Company will make a donation to the Penn Center for Research on Coronavirus in his memory.

What was Rick Kelson's professional background?

Kelson had a long career at Alcoa in senior management roles and served on various company boards.

What impact does Rick Kelson's passing have on CMC?

Kelson's passing may create a gap in board experience and could affect strategic decision-making.