Steel Mills
Nucor Names New CFO as Frias Retires
Written by David Schollaert
February 23, 2022
Jim Frias, Nucor’s long-time Chief Financial Officer, will retire on June 11. Steve Laxton, Nucor’s Vice President of Business Development and Strategic Planning, has been named to succeed him. The two will work together for the next few months on a seamless transition of the CFO responsibilities.
Frias joined Nucor in 1991 as controller of Nucor Building Systems-Indiana. Over the years, he took on roles with increasing levels of responsibility. He was promoted to Vice President in 2006 and has served as Chief Financial Officer, Treasurer and Executive Vice President since January 2010.
During his tenure as CFO, Frias helped navigate some of the most challenging times in the steel industry and was part of the team that achieved record performance in 2021. Since 2010, Nucor has returned more than $10 billion to stockholders in the form of dividends and share repurchases, while generating an average annual return on stockholders’ equity of more than 13%, the company said.
“Jim’s impact as a Nucor teammate over the last 30 years and as CFO for the last 12 years has been tremendous and will have a lasting effect on our company,” said Nucor President and CEO Leon Topalian. “Jim has ensured that we maintain our strong financial position, allowing us to reinvest to strategically position and grow our portfolio of capabilities across the steel value chain. Equally impressive as his financial stewardship are his integrity and his nurturing of Nucor’s team-oriented culture. I am personally grateful to Jim for his expertise, guidance and candor as I transitioned into the CEO role over the last few years.”
“It’s been a privilege to have served this great company for three decades and to have worked with such an outstanding team,” said Jim Frias. “I am confident in Nucor’s continued success and look forward to working alongside Steve over the coming months to ensure a smooth transition.”
Laxton began his career with Nucor in 2003 as General Manager of Business Development and was promoted to Vice President in 2014. Prior to joining Nucor, he held various positions with Cinergy Corp., Ashland, Inc., North American Stainless and National City Bank. He holds a bachelor’s degree in finance and marketing from Georgetown College and an MBA from the University of Kentucky.
“Steve is a proven leader whose 19 years of experience with Nucor have positioned him well to take on this new responsibility,” said Topalian. “He has a strong track record of strategic thinking, financial acumen and exceptional leadership. He will be a great addition to our executive management team. Jim’s retirement and Steve’s promotion are the product of the robust and thoughtful succession planning process that has been a strategic priority at Nucor for many years.”
David Schollaert
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