Vulcan Steel CEO Rhys Jones steps down after 19 years
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The news: Vulcan Steel’s chief executive Rhys Jones will retire from the role at the end of the year, bringing a close to his 19-year tenure. He will stand for election to the company’s board at the next annual shareholder meeting.
The numbers: Vulcan shares closed 1.7% lower at $5.97 and are down 12.9% over the year to date.
The context: Jones will remain in the role over the next six months to facilitate a smooth leadership transition to chief commercial officer Gavin Street, who will begin as managing director and chief executive from 1 January 2026.
Street joined Vulcan steel in October 2024 and has nearly 20 years of experience in C-suite roles.
Vulcan chair Russell Chenu will also step down, although he will remain a director.
If Jones is successfully elected as a director, the board proposes he be appointed as chair to help “continuity of strategic alignment and to retain [his] deep industry expertise,” the company said in an announcement to the exchange.
The next annual shareholder meeting is expected to be held in October.
What they said: “On behalf of the Board, I extend our deep gratitude to Rhys for his exceptional leadership and dedication. His contribution has been instrumental in positioning Vulcan as a leader in steel and other metals distribution in Australia and New Zealand,” outgoing chair Russell Chenu said.
“We are pleased that he will continue to support the business as non-executive Chair, and we warmly welcome Gavin into the role as MD/CEO, confident in his ability to lead us forward."
The source: ASX
