The latest conglomerate to set its sights on cost-cutting initiatives in FY 2020, U.S. Steel announced Tuesday that its CFO, Kevin Bradley, plans to resign.
The Pittsburgh-based integrated steel producer is restructuring to allow for a more conservative rate of cash flow, which they said is expected to save them $200 million in annual costs within the next three years, the Northwest Indiana Times reported.
Bradley will relinquish his CFO title Nov. 4 but will remain in an advisory role through the end of the year, to help his successor, Christine Breves, transition into the role, the company said. Breves serves as the company's senior vice president of manufacturing support and chief supply chain officer.
In a statement, U.S. Steel President and CEO David Burritt said Bradley has been "instrumental in the company's effort to add mini-mill production to its traditional integrated mills." Burritt went on to say that Bradley "enhanced several ... components of our financial capabilities, with an emphasis on financial planning and analysis."
Incoming CFO Breves will oversee the steelmaker's investor relations, tax, credit, treasury services, pension responsibilities and internal audit administrative oversight, as well as internal and external reporting, the company said.
In her six years at the company, Breves has overseen the logistics services organization, short-line railroad subsidiary, sales and operations planning, information technology, engineering, corporate quality and commerce support.
One week before announcing Breves' promotion, U.S. Steel shared in a press release that it would be buying a 49.9% stake in Big River Steel. The purchase will position the company to "achieve as much as $1 billion in capital and operational cash improvements by 2022," it said.
Bradley's departure is not the only executive switch at the company. NWI Times compiled a list of other senior staffers whose roles are evolving along with the financial restructuring:
- Sara Greenstein, the senior vice president of consumer solutions, is leaving the company.
- Scott Buckiso, senior vice president of automotive solutions, has been named chief manufacturing officer of the North American flat-rolled segment of the company.
- Doug Matthews, another senior vice president, has since been promoted to chief commercial and technology officer.
- Rich Fruehauf will be promoted from senior vice president of strategic planning and corporate development to chief strategy and development officer.