U.S. Steel Corp.s Mario Longhi has exited the post of chief executive officer and will retire from the company at the end of June.
Longhi stepped down as CEO on May 8 and was replaced by David B. Burritt, who is also the companys president and chief operating officer. Longhi will remain on U.S. Steels board of directors and provide transitional support as an employee until his retirement, the Pittsburgh-based steelmaker said in a statement released May 10.
His retirement comes after the company posted a surprise first-quarter loss, as widespread operational problems hampered production during a period of strong steel prices in which its competitors turned profits. The company has said it will spend more than $1 billion to fix its mills through 2020, $625 million of which will be spent this year.
Longhi said he had planned the move. I envisioned a five-year tenure, which I have completed. I am proud of the progress we have made, he said in a statement issued May 10.
Longhi was named CEO of the integrated steel producer in 2013, replacing former CEO John P. Surma. Longhi joined U.S. Steel as executive vice president and chief operating officer in 2012. He had previously led Gerdau Long Steel North America and, prior to that, had worked for 23 years at Pittsburgh-based aluminum producer Alcoa Inc.
Burritt had previously served U.S. Steel as chief financial officer. He came to U.S. Steel from Peoria, Ill.-based Caterpillar Inc. in 2013, a period in which the steelmaker was seeking to bring about a cultural transformation. Whether that transformation has been successful remains a matter of debate amid continued uncertainty regarding U.S. Steels plans to overhaul its operations.