Reliance Steel & Aluminum ( NYSE: RS ) said Tuesday that James Hoffman will step down as CEO on December 31, to be succeeded by President Karla Lewis, who will take on both roles starting January 1.
Hoffman will remain on Reliance's ( RS ) board the end of this year, then will serve as Senior Advisor until his retirement in December 2023.
Lewis joined Reliance ( RS ) in 1992 and was CFO from 1999 until January 2021, when she was named the company's president.
Hoffman has worked for Reliance ( RS ) since 1996, and became COO in 2016 and CEO in January 2019.
Citing emerging risks to consumer product and residential end markets, Goldman Sachs recently downgraded Reliance Steel shares to Neutral .
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Reliance Steel CEO Hoffman to step down at year's end, succeeded by Lewis