Steel & Tube announces CEO transition plans

13 Nov 2008

Steel & Tube Holdings Limited today announced at the Company’s Annual Meeting in Wellington that after 17 years as Managing Director and Chief Executive Officer, Mr Nick Calavrias will step down in early 2009 as part of an orderly transition.

In making the announcement the Company’s Chairman, Mr Dean Pritchard thanked Mr Calavrias for his outstanding contribution in leading Steel & Tube firstly through a period of major restructuring involving divestment of unwanted businesses in the early to mid nineties, and then building the Company into being today the market leader in steel distribution in NZ.

“Nick has demonstrated enormous commitment to the Company throughout his tenure and has lead the development of the distinctive culture which brings together customer service values and sound business governance. The safety culture and resultant performance, the quality of the people throughout the Company and the corporate positioning of Steel & Tube are a direct consequence of his vision and drive.”

Mr Calavrias said “After 17 years as CEO of Steel & Tube, and 42 years in the steel industry, it is time for me to move on to other things, and to facilitate a transition to new leadership for the Company. I am very proud of the success of the Company and value greatly the enduring relationships that I have developed.”

The Board has initiated an executive search process, and expects that a handover will be achieved by the end of April 2009.

D A Pritchard
Chairman of Board of Directors