PITTSBURGH, Aug. 1, 2011 /PRNewswire via COMTEX/ -- United States Steel Corporation X +1.20% today announced two executive appointments in its corporate risk management and finance organizations that are effective today.
Larry T. Brockway, who currently serves as vice president and treasurer, has been appointed senior vice president and chief risk officer. Brockway will report to U. S. Steel Chairman and Chief Executive Officer John P. Surma. John J. Quaid, who serves as controller - North American flat-rolled operations, has been elected to succeed Brockway as vice president and treasurer. Quaid will report to U. S. Steel Executive Vice President and Chief Financial Officer Gretchen R. Haggerty. Both Brockway and Quaid will continue to be based at the company's Pittsburgh headquarters.
In the newly created role of senior vice president and chief risk officer, Brockway will be responsible for expanding the company's already comprehensive financial and business risk management practices to establish a more integrated, systematic and enterprise-wide approach to the assessment, analysis and monitoring of business risks and opportunities and the identification of strategies for managing risk. Quaid will assume executive responsibility for all of the company's treasury functions, which include cash and banking, credit and collections, corporate finance and corporate insurance.
Commenting on the appointments, Surma said, "Larry is uniquely qualified for the new role of chief risk officer and brings a deep understanding of the financial, commercial and operational facets of our business and the complex dynamics of the markets in which we operate. Larry is one of our company's most highly regarded executives, and the combination of his business acumen and strong intellectual and interpersonal skills make him a natural choice for this important new role.
"John's diverse financial and business background, international experience and proven leadership skills make him an outstanding addition to our team of highly talented accounting and finance executives," continued Surma. "John will be assuming leadership of an excellent treasury organization, and he brings a wealth of knowledge about our business and great credibility in the financial community to this critical function."
Brockway, 51, began his career with Marathon Oil Corporation in 1981 as an accounting intern in the Findlay, Ohio, office and advanced through various accounting posts there and in Marathon's Houston, Texas, office. In 1997, he transferred to Pittsburgh to serve as manager - structured finance for USX Corporation. Brockway was named director of corporate finance in 2000 and director of strategic planning in 2001. He was named assistant treasurer of corporate finance for U. S. Steel following the company's December 31, 2001, spin-off from USX Corporation. Brockway was elected to his most recent post, vice president and treasurer, in 2004.
Brockway, a native of Ashtabula, Ohio, graduated from Bowling Green State University in Bowling Green, Ohio, in 1982 with a bachelor's degree in accounting. He serves on the board of directors of the United States Steel and Carnegie Pension Fund and is a member of the Fund's Investment Committee. He is also a member of the Pittsburgh Symphony Orchestra's board of trustees.
Quaid, 39, joined U. S. Steel in 2002 as manager of investor relations after working at PricewaterhouseCoopers' audit and assurance practice from 1994 through 1999 and at FastForward, Inc., a high-tech start-up company, from 1999 through 2002. In 2004, Quaid advanced to director - facility marketing and business planning. One year later, he relocated to Serbia after being named director - finance for U. S. Steel Serbia with responsibility for accounting and analysis, tax, cash and banking, and credit and collections in Serbia. He returned to the United States in 2007 to serve as a lead project manager for the company's Enterprise Resource Planning project. He advanced to assistant corporate controller in the company's accounting and finance organization in 2008 and assumed his most recent position, controller - North American flat-rolled operations, in July 2010.
Originally from St. Paul, Minn., Quaid earned a Bachelor of Science degree in accounting from Lehigh University in Bethlehem, Pa., in 1994. He is a member of the board of directors of the United States Steel and Carnegie Pension Fund and serves on the Fund's Investment Committee. Quaid is also a member of the United Way of Allegheny County's board of directors.
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