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Ryerson names new CEO

Ryerson names new CEO

Exiting Ryerson execs to get $54 million

(Crain’s) — Three top Ryerson Inc. executives who got their walking papers from the steel distributor’s new owner will leave with more than $54 million in payments triggered by the Chicago-based company’s sale last week.

CEO Neil Novich leads the way with a $30-million payday, $18.3 million from a “change-in-control” agreement and $11.7 million from stock options converted into cash in the $1-billion acquisition of Ryerson by Platinum Equity LLC, a California-base private-equity firm.

Ryerson CFO Jay Gratz will pocket $12.5 million — $8 million from the change in control and $4.5 million from stock options. Executive Vice-president Gary Niederpruem gets $12 million — $7.6 million from the change in control and $4.4 million from options.

Ryerson announced the executives’ departure Wednesday, less than a week after the sale to Platinum closed. The payments are spelled out in a Ryerson SEC filing last month that assumes a Nov. 1 termination date for the three. New CFO Terence Rogers, promoted from vice-president of finance, couldn’t specify when the three would leave but said their payments wouldn’t “materially change” from the figures outlined in the filing.

Chicago Business News, Analysis & Articles | Exiting Ryerson execs to get $54 million | Crain's

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