Olympic Announces Succession Plan
By Metal Center News Staff
on Oct 4, 2018
Rick Marabito will become CEO of Olympic Steel, Cleveland, effective Jan. 1, 2019. Michael D. Siegal, CEO of the company since 1984, will transition to executive chairman of the board, stepping down as CEO at the end of the year.
Marabito has been with Olympic since 1994 when he joined the company as treasurer and comptroller. He has spent the last 18 years as the company’s CFO.
“After a comprehensive succession planning process, the board unanimously selected Mr. Marabito to assume the position of CEO," Siegal said. "He is undeniably the right person to lead Olympic Steel to new heights."
Under Siegal's leadership, Olympic’s net sales grew from approximately $35 million in 1984 to an annualized $1.6 billion in 2018. During this time, the company grew from a single location with approximately 60 employees, to 31 locations and more than 1,700 workers.
"It has been a privilege leading Olympic Steel through its transformation from a single-location steel distributor to one of the largest metals service centers in the United States," Siegal said. "I am proud of our many collective accomplishments, including the significant creation of good wage and benefit employment in the American industrial sector, with a commitment to safety. I am most proud of our highly skilled and dedicated employees."
Siegal was the recipient of the first Metal Center News Executive of the Year honor in 1997.
"Under Michael's leadership, the company has experienced remarkable success," Marabito said. "He led our strategic diversification into stainless steel, aluminum and pipe and tube products and oversaw significant geographic and value-add processing expansion, all while instilling an exceptional culture. I look forward to building on this strong foundation, continuing to pursue profitable growth and value creation alongside David Wolfort, president; Andrew Greiff, COO; Don McNeeley, president of our CTI subsidiary, and the rest of our dedicated management team."