A.M. Castle & Co., Oak Brook, Ill., has promoted President Marec Edgar to CEO and a member of the board of directors. Steve Scheinkman will retire as chairman and CEO of the specialty metals distributor.
“Marec’s appointment as CEO is the culmination of an intentional, year-long process that our board, including Steve, initiated late in 2018 with Marec’s appointment to president,” said Mike Sheehan, a board member. “Since that time, our board has seen Marec and his team drive meaningful improvements to our financial performance, despite a significantly slowing market. Few of our competitors can point to year-over-year improvements like Castle generated in 2019 under Marec’s leadership.”
“Specifically, Castle has materially improved its profitability while simultaneously enhancing its working capital efficiency and reducing its revolving debt by more than $6 million dollars. These and other achievements in a difficult industry environment made the choice to appoint Marec CEO an easy one for our board,” Sheehan added.
Scheinkman will remain a member of the board of directors. “Castle’s board of directors is deeply grateful to Steve for his dedication and leadership during the last five years, which were pivotal for our company,” Sheehan said.
Edgar, 43, joined Castle in 2014 as vice president and general counsel and then served as executive vice president, general counsel & chief administrative officer from May 2015 until December 2018, when he was promoted to president.
“Marec’s performance as president over the past year has been exemplary and we are confident that this transition will be seamless. I look forward to working with Marec in his new role and to continuing to contribute to our board,” Scheinkman said.
“I am humbled by the confidence our board has demonstrated in me with this new challenge and grateful for the opportunity to serve as Castle’s next CEO. While our team has made substantial progress during the past few years, everyone at Castle, from our boardroom to our branch floors, is excited to build upon that progress and fully return Castle to a market-leading position,” Edgar said.