PITTSBURGH, June 6, 2011 /PRNewswire-FirstCall/ -- United States Steel and Carnegie Pension Fund, the trustee for the pension and other benefit plans of United States Steel Corporation (NYSE: X), announced today that Gary A. Glynn, who has served as president of the fund since 1985, will retire effective July 31 after more than 41 years of dedicated service.
"Gary's skilled oversight and management of our pension fund assets under all types of economic conditions, and particularly during the recent recession, has played an important role in our company's ability to honor the promises we have made to our retirees and the employees who will receive benefits in the future," said United States Steel Corporation Chairman and Chief Executive Officer John P. Surma. "We thank Gary for his commitment and dedication and we wish him and his family all the best in his retirement."
United States Steel and Carnegie Pension Fund also announced several leadership changes effective August 1. William Donovan, who currently serves as vice president – investments, will succeed Glynn as president. Lyle G. Clark will advance from vice president – investments to senior vice president – investments. Also, Randy S. Edwards, who serves as manager – industry group investment, has been appointed vice president – investments. Donovan, Clark and Edwards will continue to be based at the fund's New York City office.
Commenting on the appointments, U. S. Steel Executive Vice President and Chief Financial Officer Gretchen R. Haggerty, who also serves as chairman of United States Steel and Carnegie Pension Fund, said, "Bill is a skilled investor and administrator whose extensive experience in both investing and leadership roles at United States Steel and Carnegie Pension Fund will be an important asset and steadying influence during this time of transition. Also, the tremendous knowledge and experience that L.G. and Randy bring in their new roles will continue to serve our fund well. Finally, I would like to extend my appreciation to Gary for his many years of exceptional service and leadership to the fund. It has been a privilege to serve with Gary, an outstanding investment professional of many accomplishments whose greatest legacy is the outstanding organization that he has built and developed. We hope this well-earned retirement is both long and happy for Gary and his entire family."
Glynn, 64, joined U. S. Steel in 1970 as a project associate in the business research department at the company's Pittsburgh headquarters. The next year, he joined United States Steel and Carnegie Pension Fund in New York as an investment analyst. Glynn was appointed to the post of vice president-investments in 1984 and advanced to president in 1985.
A native of Springfield, Vt., Glynn earned a bachelor's degree from the University of Vermont and a master's degree in finance from the Wharton School at the University of Pennsylvania. Glynn is a Chartered Financial Analyst® and is a member of the New York Society of Securities Analysts, The Committee on Investment of Employee Benefit Assets (CIEBA), The Economic Club of New York, and the New York Stock Exchange's Pension Managers' Advisory Committee.
Donovan, 52, began his career with U. S. Steel in 1980 as an accounting intern at the company's former National Works in McKeesport, Pa. After completing his undergraduate studies in 1981, he was hired full time as an accounting management associate at Mon Valley Works' Irvin Plant, a steel finishing facility near Pittsburgh. Donovan advanced through positions in plant accounting at five different Pittsburgh-area U. S. Steel operating facilities and the tax department at corporate headquarters before earning his law degree in 1985 as well as an appointment to the position of tax attorney for the company. Between 1987 and 1990, he held increasingly responsible roles in external financial reporting and strategic planning before moving to the tax department of Marathon Oil Company, a unit of the former USX Corporation, in 1990. In 1994, he joined United States Steel and Carnegie Pension Fund as an investment analyst. He advanced to senior investment analyst in 1998 and manager – industry group investment one year later. He assumed his most recent post, vice president – investments, in 2000.
Donovan is a native of Sutersville, Pa. He graduated from Grove City (Pa.) College with a bachelor's degree in accounting and obtained his law degree from Duquesne University in Pittsburgh. Donovan is a Chartered Financial Analyst® and is a member of the New York Society of Securities Analysts, the CFA Institute, the Consumer Analyst Group of New York, the American Bar Association and the Pennsylvania Bar Association. He also serves as an advisor to Duquesne University's Investment Management Program.
Clark, 60, joined United States Steel and Carnegie Pension Fund in 1991 as manager – industry group investment. Prior to his arrival at the fund, Clark spent 15 years advancing through positions in the investment industry, including serving as vice president of Eppler, Guerin and Turner from 1978 to 1980, vice president of M Securities Corporation from 1980 to 1987 and vice president and senior portfolio manager of Nomura Capital Management from 1987 to 1991. In 1997, Clark advanced to senior manager – industry investment group, and in 2000 he was appointed to his most recent role, vice president – investments.
Clark, who spent much of his childhood living in Austin, Texas, earned both his undergraduate and graduate degrees from the University of Texas at Austin: a bachelor's degree in history in 1973 and a master's degree in business administration in 1976. He is a Chartered Financial Analyst® and is a member of the New York Society of Securities Analysts and the CFA Institute.
Edwards, 42, began his career with U. S. Steel in 1990 as an auditor. He joined United States Steel and Carnegie Pension Fund two years later as a statistical analyst. He advanced to financial analyst in 1994, investment analyst in 1998, and senior investment analyst in 2002. He was named to his most recent position, manager – industry group investment, in 2003.
A native of Machesney Park, Ill., Edwards obtained a bachelor's degree in accountancy from Northern Illinois University in 1990. He is a Chartered Financial Analyst® and is also a member of the New York Society of Securities Analysts, the CFA Institute, and the Fixed Income Analysts Society.
For more information about U. S. Steel, visit www.ussteel.com.
SOURCE United States Steel Corporation