Discover the exciting leadership change at Commercial Metals Company as Barbara R. Smith steps down as CEO and Peter R. Matt takes the helm
Commercial Metals Company (CMC) has recently made a significant announcement regarding its leadership structure. Barbara R. Smith, the current Chief Executive Officer and Chairman, has decided to retire as CEO and assume the role of Executive Chairman of the Board, effective September 1, 2023. This decision marks the beginning of a new era for CMC, as the board has unanimously appointed Peter R. Matt, the current President, as the new Chief Executive Officer and President, effective the same date.
Sarah Raiss, Lead Independent Director of CMC, expressed the board's appreciation for Barbara R. Smith's remarkable contributions to the company. As CEO, Smith led CMC through a period of unprecedented growth, innovation, and transformation. The board recognized her outstanding leadership, unwavering commitment to CMC's values, and dedication to the company, its employees, customers, communities, and shareholders.
The board of directors is confident that Peter R. Matt is the right leader to guide CMC into the future. As a strategic thinker, strong collaborator, and proven leader, Matt's appointment as Chief Executive Officer and President comes as the result of a well-planned, long-term succession process. Smith expressed her confidence in Matt, highlighting his extensive financial, strategic, and executive leadership experience.
Peter R. Matt brings a wealth of knowledge and expertise to his new role at CMC. Prior to his appointment as President of the company on April 9, 2023, Matt served as the Executive Vice President and Chief Financial Officer of Constellium SE, a leading global aluminum fabrication company, from January 2017 to April 2023. Before joining Constellium, Matt worked as a Managing Partner for Tumpline Capital, LLC from 2015 to 2016. Notably, he held various leadership positions with Credit Suisse from 1985 to 2015, further enhancing his understanding of the financial landscape.
CMC is confident that the transition from Barbara R. Smith to Peter R. Matt as CEO will be seamless. With Matt's extensive experience in industrial companies, including metals and metals-related industries, the company is well-positioned for continued growth and success. Matt will also retain his position as a member of CMC's Board of Directors, where he has served since June 2020.
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