Barbara R. Smith, one of Dallas-Fort Worth’s top female CEOs, plans to retire Sept. 1 and turn over daily operations of Commercial Metals Co. to its recently-hi...
“Barbara led CMC through a period of unprecedented transformation, growth and innovation,” lead independent director Sarah Raiss said in a statement. “The board is looking forward to continuing this strong trajectory under the leadership of Peter Matt.”
Smith’s retirement package includes an $800,000-a-year base salary as executive chairman, with a potential matching cash bonus, according to the filing. She’ll be eligible for performance and restricted stock grants of up to $4 million a year.Commercial Metals, founded in 1915 in Dallas, manufactures, recycles and fabricates steel and metal products at dozens of facilities in the U.S. and Poland and employs nearly 12,500 people.
in 2022 for TAC Acquisition Corp. Known as Tensar, TAC produces ground stabilization and soil reinforcement products used by real estate developers, oil and gas companies, transportation and coastal authorities and waste management firms.Advertisement, it reported declines in profit and sales compared with the same three-month period a year ago. Profit totaled $234 million for the quarter that ended May 31, compared with $312 million during the same period last year.
“We expect this project, together with our Tensar platform and other strategic initiatives, will provide a significant source of earnings and cash flow growth and generate meaningful value for our shareholders,” she said.
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