Luxembourg-based Ternium S.A. says Máximo Vedoya, who is currently Ternium Mexico’s executive vice president (EVP), will succeed Daniel Novegil as the company’s CEO March 1, 2018.
After 12 years as CEO and 40 years in the steel industry, Novegil will retire next March, though he will remain on Ternium’s board of directors, assuming the role of vice chairman.
Vedoya, 47, is an industrial engineer and holds a management master’s degree from Stanford University. With 26 years of experience in the steel industry, he has led Ternium’s operations in Mexico since January 2012. Prior to that, he held several executive positions at other Ternium subsidiaries, including CEO of Ternium Colombia, commercial director and export manager of Sidor (Venezuela), director of Ternium Mexico’s international and steel purchase operations and commercial planning manager of Siderar in Argentina.
“Daniel will leave a remarkable legacy in Ternium,” says Paolo Rocca, Ternium board chairman. “He was an integral part of each of Ternium’s milestones and helped turn the company into what it is today. He also has positioned Ternium very well for its next chapter of profitable growth. We are pleased that we can continue benefiting from his experience once he takes on his new role at the board.”
Rocca adds, “Máximo is an exceptional leader who has had a proven track record of success in each of his executive positions at Ternium. Under his leadership, Ternium Mexico has been a growth engine for our company. He has the skills, energy and experience to lead our company into this exciting, new stage of growth and he will have the Board’s full support in his transition to CEO.”