Sandy Adam stepping down Aug. 31 from Algoma Steel

Algoma Steel Inc. has retained an executive recruiter to find a replacement for Sandy Adam, who announced today that he'll step down as president and CEO effective Aug. 31.

Adam's announcement, made at the company's annual shareholders meeting at the Water Tower Inn, came as a surprise to rank-and-file steelworkers but not to company insiders.

"I'm going to retire," Adam told reporters afterward.

"It's a personal decision. I don't think that there's a manual for how to make these decisions. It just seemed to my wife and me that it's time."

Will continue as company director

Adam (shown above conferring with ASI chairman Benjamin Duster, an Atlanta-based financial restructuring specialist) has led the steel company since 1996.

Adam said he'll continue as a director of Algoma Steel.

After the company's recent restructuring, Adam was not immediately appointed to ASI's board, but he was voted in as a director today.

Paid $487,500 last year

Adam received $487,500 in salary last year, $33,000 less than the $520,000 paid to Hap Stephen, Algoma's chief restructuring officer.

Other top salary-earners were vice president and general manager Richard Pawelek ($266,400), vice president of finance and administration Glen Manchester ($232,062) and general counsel and corporate secretary Paul Finley ($232,062).

Pawelek, Manchester and Finley each received additional compensation from the company last year, with amounts ranging from $66,000 to $74,000.

Adam will be eligible for share-award plan when he leaves

In other business, shareholders approved a controversial plan to reward directors with common shares.

To read more about that development, click here.

Under last-minute alterations to the plan approved today, Sandy Adam will not be eligible for the share-award plan so long as he's employed by the company, but as a director he'll become eligible as soon as he leaves the company.

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