Shares in BlueScope Steel Ltd (ASX: BSL) are trading lower after the company announced Managing Director Mark Vassella is set to retire after eight years at the helm of the company.
Mr Vassella will stay in the top role until 1 February 2026, when he will be succeeded by internal appointment Tania Archibald, who is currently Chief Executive of BlueScope's Australia Steel Products business.
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Best candidate for the top role
BlueScope chair Jane McAloon said the company was "delighted" to appoint Ms Archibald to the role.
Ms McAloon went on to say:
Tania is a highly capable executive who has demonstrated outstanding leadership over the course of her 30-year career at BlueScope. She is passionate about the uplift of our safety performance and wellbeing of our people, and is committed to delivering for our customers. Her track record in driving sustainability, financial resilience and operational excellence gives the Board great confidence in her ability to lead the Group and deliver on the next phase of BlueScope's strategy."
Ms Archibald was previously BlueScope's Chief Financial Officer and has also held other leadership roles in finance, strategy, and business development at the company.
BlueScope said they conducted a comprehensive global search before deciding on Ms Archibald's appointment.
Ms McAloon also paid tribute to Mr Vassella.
Mark is an exceptional, values-based leader. He has navigated the group through unprecedented challenges while steadfastly prioritising our people and our communities. Under his stewardship, BlueScope has evolved into a structurally resilient business. Mark has led BlueScope with clarity and conviction, humility and warmth. By every measure he has been an outstanding CEO, and we thank him sincerely and wish him well in his retirement. He will be greatly missed.
Pay packet runs to the millions
Ms Archibald will be paid a base salary of $1.85 million per year and can earn a further $1.3 million annually in short-term incentives.
She can also earn long-term incentives of up to $1.85 million per year.
BlueScope has to date only had three managing directors since listing on the ASX 23 years ago.
The company is valued at $9.6 billion based on Tuesday's closing price of $21.82. The shares were trading 2.9% lower on Wednesday at $21.19.
The company in August reported a net profit of $83.8 million, $721.9 million lower than the previous year, with Mr Vassella describing trading conditions as "cyclically soft".
He said it was a "resilient result" considering the prevailing market conditions.
BlueScope will hold its annual general meeting on 18 November.
