Lundgren bids farewell to Radius in CEO transition under new ownership

Reflecting on the past

Lundgren, formerly an investment banker and lawyer, joined Radius in 2005 as chief strategy officer. She was appointed CEO in 2008 and chairman in 2020.

In an Aug. 31 letter to the Radius Recycling community, the leader reflected on the years she served as CEO.

“Over the past 17 years, I’ve had the privilege of leading this extraordinary public company through a period of profound transformation,” she wrote in her final message as CEO.

During her tenure, Lundgren grew the company from a regional Pacific Northwest enterprise into a global leader in metals recycling, completing ~40 acquisitions. It now supports over 10,000 suppliers across North America and has customers in 30 countries worldwide.

She also led the company through its 2023 rebranding from Schnitzer Steel Industries to Radius Recycling. At the time, she said the new identity affirms the company’s vision of its role in a sustainable future, seamlessly connecting the circular economy.

“Leading this organization has been one of the most meaningful experiences of my career—shaped by the relationships we’ve built, the partnerships we’ve cultivated, and the milestones we’ve achieved together,” Lundgren wrote.

“Together we have built one of the most respected and forward-looking companies in the recycling industry,” she continued. “I am deeply grateful to have had the opportunity to lead such a talented team.”

Looking forward to the future

“As I look ahead,” Lundgren wrote last week, “I’m filled with optimism about the opportunities our merger with TTC brings.”

TTC, an affiliate of the Japanese trading company Toyota Group, completed its $1.34-billion acquisition of Radius in July. The $30-per-share purchase price represented a 115% premium to its closing share price on March 12, the day before the sale was announced.

“We achieved one of the highest deal premia ever paid in a public industrial transaction,” Lundgren reminded the Radius community. This clearly reflects TTC’s confidence in the future of Radius, she said.

Radius had been bleeding red, reporting quarterly losses for some time now. Its last public earnings report showed its quarterly loss narrowing to $16.4 million, bringing its nine-month loss to $86.3 million. It posted a net loss of over $266 million in the fiscal year ended Aug. 31, 2024, and $25 million in the year before that. The year ended Aug. 31, 2022, was better: it reported net income of $172 million, according to SEC filings.

“By combining our strengths with TTC, we will help build a closed-loop supply chain to advance carbon neutrality and sustainable manufacturing while continuing to grow and innovate as one team,” Lundgren stated. “This is truly an exciting new chapter for Radius.”

Taking the reins

Marc Hathhorn has taken the reins from Lundgren as CEO of Radius Recycling.

Hathhorn joined the Portland, Ore.-based company in November as chief operating officer and executive vice president.

Before that, he’d been with Peabody Energy Corp. as president of global operations. His leadership career in the mining industry spans more than 30 years.

In her CEO farewell, Lundgren congratulated Hathhorn on his new role and expressed confidence in his vision and ability to successfully lead Radius under TTC.