Bluescope announces Mark Vassella as new CEO to succeed retiring Paul O’Malley

BlueScope today announced Mark Vassella as its new Managing Director & CEO from 1 January 2018, after Paul O’Malley announced his retirement effective 31 December 2017.

Mr Vassella joined BlueScope in 2007, and is currently Chief Executive BlueScope Australia and New Zealand. He started in the steel industry as a cadet at BHP Newcastle in NSW, in the early 80s, and has worked through the ranks, in a range of general management and leadership roles in Australia, the UK and the US.

Announcing the new CEO, Chairman John Bevan said, “The Company is noted for the strength of its management team and after a rigorous international and domestic selection process, the Board was very pleased to be able to select Mark from a very strong internal pool.

“BlueScope is delivering well on its strategy, with strong momentum throughout the Company, and a clear focus on improving returns and driving growth.

“Mark will lead from the front, and his priority now is to keep delivering on the strategy, and to build on our recent performance and successes,” Mr Bevan said.

“Mark has been a key part of the development of our strategy, and in Australia and New Zealand has led our 8,000 strong workforce in manufacturing and distribution through a major restructure of the business. He has overseen the return of the Australian business to profitability, and was instrumental in the 2015 decision to continue operations at Port Kembla in Australia, and at Glenbrook in New Zealand.

“He has run all BlueScope’s buildings businesses in North America, leading the integration of our acquisitions and sat on the Board of North Star (the leading mini-mill in North America). He has delivered outstanding performance and will make a significant contribution as global leader of this great Company.

“BlueScope is in a very good position, and the Board is confident in the strength of the internal management capability to take advantage of the opportunities ahead,” Mr Bevan said.

CEO-elect Mark Vassella said, “I’m delighted and honoured to have been chosen to lead the BlueScope team. I’m fully committed to building further on the great success we have achieved in recent years. I thank the Board for giving me the opportunity, and congratulate Paul for the outstanding achievements realised under his leadership.”

Mr Bevan said, “Outgoing CEO Paul O’Malley has been an outstanding leader for more than ten years and the Company owes him a great debt of gratitude for his strength of vision and purpose as leader. His focus on safety, and on the essential turnaround and transformation of the Company in the decade after the global financial crisis showed leadership of the highest order. He retires with the warmest thanks and best wishes of the Board and all BlueScope employees.”

Announcing his retirement, outgoing CEO Paul O’Malley said, “BlueScope has always been about the team, and I’m obviously sad to be leaving this superb team. But equally, I’m very pleased that Mark has been appointed to lead the team in the next phase of BlueScope’s journey.”

“I’ve enjoyed 12 very tough but inspiring years at BlueScope – ten as its CEO.

“The Company has a clear strategy for growth. The team of 15,000 people across 17 countries is hard at work implementing that strategy. This means BlueScope’s world-leading brands, products and manufacturing plants, its great customer base and its very good balance sheet, underpin the future potential growth for BlueScope.

“Working with the entire BlueScope team, and being so well supported throughout by such a strong Board, has been the greatest honour of my professional career. “I believe our customers, employees, the communities in which we operate and our shareholders can feel confident about the future,” Mr O’Malley said.