CHARLOTTE, N.C. - Nucor Corporation (NYSE: NYSE:NUE), a leading manufacturer of steel and steel products, has announced the retirement of its Executive Vice President, Douglas J. Jellison, effective June 8, 2024. Jellison, who has been with the company for over 33 years, will be succeeded by Randy J. Spicer, who will assume the role of Executive Vice President starting May 12, 2024.
Jellison's career at Nucor began in 1990, and over the years, he has held various positions of increasing responsibility. His roles have included General Manager of Nucor Bearing Products and Nucor Steel Seattle, Inc., President of Nucor Tubular Products and Skyline Steel LLC, and Vice President and General Manager of Nucor-Yamato Steel Company. He ascended to the executive vice presidency in 2021.
Leon Topalian, Nucor's Chair, President, and CEO, expressed his gratitude for Jellison's contributions, highlighting his leadership and impact across a broad spectrum of the company's operations. Topalian praised Jellison's ability to drive change and develop the company's culture and workforce.
Randy J. Spicer, who will step into the EVP role, has been with Nucor since 2004. His experience includes positions such as Accounting Supervisor at Nucor Steel Indiana, Controller and Hot Mill Manager at Nucor Steel Gallatin LLC, and General Manager of Nucor Tubular Products North. In 2022, he was elected Vice President and currently serves as President of Nucor Tubular Products.
Topalian commended Spicer as a well-equipped leader for the executive position, mentioning his two decades of experience with Nucor. He also noted that the executive transition is a result of the company's strong succession planning process.
Nucor and its affiliates operate in the United States, Canada, and Mexico, producing a wide range of steel products. The company is recognized as North America's largest recycler.
This news is based on a press release statement issued by Nucor Corporation.
InvestingPro Insights
As Nucor Corporation (NYSE: NUE) gears up for a significant executive transition, investors and stakeholders are closely monitoring the company's financial health and market performance. According to InvestingPro data, Nucor boasts a robust market capitalization of $41.81 billion. The company's price-to-earnings (P/E) ratio stands at an attractive 9.92, as of the last twelve months ending in Q1 2024, reflecting a potentially undervalued stock in comparison to industry peers.
Furthermore, Nucor's commitment to shareholder value is evident through its impressive track record of dividend payments, having maintained them for 52 consecutive years. This is complemented by a dividend growth of 5.88% during the same period, showcasing the company's stable financial returns. Additionally, Nucor's strong operational performance is highlighted by an operating income margin of 16.99%, indicating efficient management and profitability.
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