Vulcan Steel announces CEO transition and board leadership changes

Vulcan Steel Limited (ASX: VSL, NZX: VSL) has announced a leadership transition set to take effect at the start of 2026, with long-serving Chief Executive Officer Rhys Jones retiring after 19 years at the helm.

Gavin Street, currently Vulcan’s Chief Commercial Officer, has been appointed to succeed Jones as Managing Director and CEO, effective January 1, 2026. Street joined the company in 2024 and brings more than two decades of management experience in the distribution of industrial products. According to the company, he has demonstrated strong alignment with Vulcan’s culture and long-term strategic goals.

Jones will remain in the CEO role through the end of 2025 to ensure a smooth transition and has indicated his intention to stand for election to the Board at the company’s upcoming annual shareholder meeting, expected to take place in October 2025. Subject to his election, he will assume the role of non-executive Chair of the Board from January 1, 2026.

The Board also confirmed that current Chair Russell Chenu will step down from that position but continue serving as lead independent director. The company emphasized that the planned changes are intended to maintain continuity, industry expertise, and strong governance practices at the Board level.

Chief Operating Officer Adrian Casey will continue in his role and support the leadership transition. Casey has been with Vulcan since 1998 and has served as a director since 2022. He will stand for re-election at the forthcoming annual shareholder meeting.

Vulcan noted that, while Jones will transition to a non-executive role in 2026, the Board may request additional executive-level support from him if required, with compensation subject to Board approval.

Following the changes, Vulcan’s Board will continue to maintain a majority of independent directors, with four out of seven positions classified as independent.

In a statement, outgoing Chair Russell Chenu said: “On behalf of the Board, I extend our deep gratitude to Rhys for his exceptional leadership and dedication. His contribution has been instrumental in positioning Vulcan as a leader in steel and other metals distribution in Australia and New Zealand. We are pleased that he will continue to support the business as non-executive Chair, and we warmly welcome Gavin into the role as MD/CEO, confident in his ability to lead us forward.”

Source and Photo: Vulcan Steel