John P. Surma

Last updated
John P. Surma
Born1954 (age 69–70)
Pittsburgh, Pennsylvania, USA
Alma mater Penn State University
Occupation(s)Retired Chairman and CEO of the United States Steel Corporation
SpouseBecky Surma

John P. Surma (born 1954 in Pittsburgh, Pennsylvania) is an American businessman. He was the executive chairman of the board of United States Steel Corporation. Surma retired as CEO of U.S. Steel effective September 1, 2013, and Chairman effective January 1, 2014, positions he held since 2004.

Contents

Biography

Surma received his bachelor's degree in accounting in 1976 from Pennsylvania State University, following which he joined Price Waterhouse, in 1987, he was admitted as a partner. In 1983 Surma was picked for Ronald Reagan’s Executive Exchange Program in Washington, D.C., where he worked with the Federal Reserve Board. He was appointed by Obama to serve as the vice chairman of the President's Advisory Committee for Trade Policy and Negotiations

In 1997 he was hired at Marathon Oil, then a subsidiary of U.S. Steel, as the senior vice president for finance & accounting. [1] In 1998, he became president of Speedway SuperAmerica, a subsidiary of Marathon, and in 2001 he became president of Marathon Ashland Petroleum, another subsidiary. When U. S. Steel and Marathon separated at the end of 2001, he stayed with U. S. Steel as vice chairman and chief financial officer. [2] He became president of U. S. Steel in March 2003, [3] and chairman of the board as of February 2006. [4] [5]

Among his current posts Surma is chairman of the International Iron and Steel Institute, [6] vice chairman of the American Iron and Steel Institute and a member of the board of directors of the National Association of Manufacturers. As the vice chairman of the Board of Trustees of Pennsylvania State University, Surma informed longtime Penn State football coach Joe Paterno, by phone, that he had been terminated amid the media firestorm in the wake of the Penn State child sex abuse scandal. [7] Surma became chairman of the Penn State Board of Trustees three days later when Chairman Steve Garban resigned his position. [8] In January 2012 he relinquished the position to The Bank of New York Mellon executive Karen Peetz, but he has continued to serve on the board. Surma served as a director of BNY Mellon until April 2012. In 2011 his reported compensation as a director of BNY Mellon was $216,575. [9]

Surma received the American Iron and Steel Institute's Elbert Gary Medal in 2006. [10]

Surma retired as chief executive officer of United States Steel on August 31, 2013. He continued to serve as executive chairman of the board of directors until December 31, 2013, when he retired from the company and the board. [11] [12]

In September 2015, John Surma assumed the chairmanship of the National Safety Council Board of Directors, succeeding Jeff Woodbury. [13] Surma had been on the board since 2011. [14] He retired from that position in 2017, being succeeded by Mark Vergnano. [15]

Compensation

While CEO of United States Steel in 2008, John P. Surma earned a total compensation of $11,130,689, which included a base salary of $1,218,336, a cash bonus of $3,250,000, stocks granted of $4,174,028, options granted of $2,233,336, and other compensation of $254,989. [16]

In 2009, he requested a 20% salary reduction and more than 60% reduction in his compensation package citing the difficult business environment. [17] From June 6, 2008, to May 31, 2013, with Surma at the helm, US Steel's stock value plummeted by 89%. [18]

Pittsburgh Penguins

Surma is a minority owner of the Pittsburgh Penguins of the National Hockey League with a share estimated in 2012 of $2 million. [19]

Notes

Related Research Articles

Corporate titles or business titles are given to corporate officers to show what duties and responsibilities they have in the organization. Such titles are used by publicly and privately held for-profit corporations, cooperatives, non-profit organizations, educational institutions, partnerships, and sole proprietorships that also confer corporate titles.

<span class="mw-page-title-main">Paul H. O'Neill</span> American politician and businessman (1935–2020)

Paul Henry O'Neill was an American businessman and government official who served as the 72nd United States secretary of the treasury for part of President George W. Bush's first term, from January 2001 to December 2002. Secretary Paul H. O'Neill resigned from the Treasury Department on December 6, 2002. Prior to his term as secretary of the treasury, O'Neill was chairman and CEO of industrial giant Alcoa and chairman of the RAND Corporation.

<span class="mw-page-title-main">Mellon Financial</span> Former investment firm located in the US

Mellon Financial Corporation was an American investment firm which was once one of the world's largest money management firms. Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high-net-worth individual asset management, including the Dreyfus family of mutual funds, business banking, and shareholder and investor services. On December 4, 2006, it announced a merger agreement with Bank of New York, to form BNY Mellon. After regulatory and shareholder approval, the banks completed the merger on July 2, 2007.

John V. Faraci is an American businessman. He served as the chairman and chief executive officer of International Paper from November 1, 2003, through October 31, 2014. He was succeeded by Mark Sutton.

Bradbury "Brad" Anderson is the former CEO and vice chairman of the American consumer electronics retailer Best Buy.

Gerald L. Hassell is an American bank executive and is the former Chairman and CEO of The Bank of New York Mellon.

<span class="mw-page-title-main">BNY Mellon</span> American bank

The Bank of New York Mellon Corporation, doing business as BNY, is an American banking and financial services corporation headquartered in New York City. The bank offers investment management, investment services, and wealth management services. BNY was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. Following the merger, it adopted the brand name The Bank of New York Mellon, which was later simplified to BNY Mellon and later again to BNY. It is the world's largest custodian bank and securities services company, with $2 trillion in assets under management and $48.8 trillion in assets under custody as of 2024. It is considered a systemically important bank by the Financial Stability Board.

<span class="mw-page-title-main">525 William Penn Place</span> Skyscraper located in downtown Pittsburgh, Pennsylvania

525 William Penn Place is a skyscraper located in downtown Pittsburgh, Pennsylvania. It was completed in 1951 for the Mellon National Bank and the U.S. Steel Corporation. At 520 feet (160 m) tall, it was the second-tallest building in Pittsburgh until 1970, and the third-tallest until 1984. The building has 41 floors and approximately 950,000 square feet (88,000 m2) of office space. Presently it is the third-largest office building by square feet in downtown Pittsburgh. In 2016, BNY Mellon sold the building for $67.65 million.

John A. Luke Jr. is an American businessman. He serves as chairman and CEO of the MeadWestvaco Corporation.

CIBC Mellon is a joint venture founded in 1996 between the Canadian Imperial Bank of Commerce (CIBC) and then Mellon Financial Corporation to offer asset servicing to institutional investors. Based in Toronto, Ontario, Canada, it comprises two sister companies, CIBC Mellon Trust company and CIBC Mellon Global Securities Services Company.

Thomas Carey MacMillan was the longest serving President and CEO of CIBC Mellon, and a Canadian businessman.

Thomas James Usher is an American business executive who has served as the president, chief operations officer and chief executive officer of U.S. Steel. He has also served as chairman of the board of directors of Marathon Oil, the International Iron and Steel Institute, and the US-Korea Business Council, as well as at U.S. Steel.

<span class="mw-page-title-main">James McNerney</span> American businessman (born 1949)

Walter James "Jim" McNerney Jr. is a business executive who was President and CEO of The Boeing Company from June 2005 to July 2015. McNerney was also Chairman from June 2005 until March 1, 2016. McNerney oversaw development of the Boeing 737 MAX.

<span class="mw-page-title-main">Jeffrey A. Goldstein</span>

Jeffrey A. Goldstein is a United States economist who was Under Secretary of the Treasury for Domestic Finance from March 27, 2010, to 2011. Jeffrey is currently the chairman of the board of directors of Fidelity National Information Services (FIS).

<span class="mw-page-title-main">Insight Investment</span> British asset management company

Insight Investment (Insight) is one of the largest global asset management companies, responsible for £648 billion of assets under management as of 31 December 2023, represented by the value of cash securities and other economic exposure managed for clients. It manages strategies which include fixed income, liability-driven investment (LDI), cash, absolute return and multi-asset. Insight is a subsidiary of BNY, a multinational financial services corporation.

Charles W. Scharf is an American investment banker and business executive who is the chief executive officer and president of Wells Fargo. He was previously the CEO of Visa Inc. and BNY.

<span class="mw-page-title-main">David Burritt</span> American businessman

David Boyd Burritt is an American businessman. He has been the chief executive officer of U.S. Steel since May 2017.

David S. Sutherland is an American businessman, and the non-executive chairman of U.S. Steel, since January 2014, when he succeeded John P. Surma.

Ralph Izzo is an American businessman and former nuclear physicist. He was the Chairman, President, and CEO of Public Service Enterprise Group, a Fortune 500 energy company headquartered in New Jersey. He is also the Chairman of the Nuclear Energy Institute, a nuclear industry trade association based in Washington, D.C.

References

  1. ↑ Staff (30 January 1997) "People on the Move" Pittsburgh Post-Gazette Business p. B-6
  2. ↑ (18 February 2002) "U.S. Steel Corporation (Interview with John P. Surma)" The Wall Street Transcript 155.7: pp.182–186
  3. ↑ Staff (2004) "Surma assumes USS CEO post, Usher remains chairman" Metal Producing & Processing 42.6: p.11
  4. ↑ Guzzo, Maria (30 November 2005) "USS' Surma will add chairman's post as Usher opts for early out" American Metal Market 113.47-2: p.6
  5. ↑ Boselovic, Len (30 November 2005) "U.S. Steel's CEO Surma to Become Chairman" Pittsburgh Post-Gazette Business p. E-1
  6. ↑ Mas, Renate F. (4 October 2006) "U. S. Steel's Surma tapped by IISI board to succeed Dolle as chairman" American Metal Market 114.39-3 p. 6)
  7. ↑ Van Natta, Jr., Don (4 April 2012). "Fight On State" . Retrieved 26 January 2013.
  8. ↑ Rubinkam, Michael (2012-07-19). "Ex-chairman of Penn State board of trustees quits" . Retrieved 26 January 2013.
  9. ↑ "Forbes". Archived from the original on September 29, 2012. Retrieved 26 January 2013.
  10. ↑ Robertson, Scott (11 May 2006) "U.S. Steel's Surma awarded AISI's Gary Medal" American Metal Market 114.18-4: p.7
  11. ↑ "Executive Biographies". United States Steel. September 1, 2013. Archived from the original on March 15, 2014. Retrieved September 3, 2013.
  12. ↑ "U. S. Steel President Mario Longhi To Become CEO; John P. Surma Becomes Executive Chairman". U.S. Steel. 16 August 2013. Archived from the original on 18 November 2019.
  13. ↑ "NSC Board of Directors welcomes John Surma as new chairman". Safety+Health. 28 September 2015. Archived from the original on 18 November 2019.
  14. ↑ Gough, Paul J. (31 October 2011). "US Steel's Surma joins National Safety Council board". Pittsburgh Business Times. Archived from the original on 4 December 2011.
  15. ↑ "NSC Board of Directors welcomes new chairman, eight members". Safety+Health. 25 September 2017. Archived from the original on 21 June 2018.
  16. ↑ 2008 CEO Compensation for John P. Surma, Equilar.com
  17. ↑ US Steel CEO's 2009 pay dives as he rejects awards, yahoo.com
  18. ↑ US Steel's Terrible Financial Performance, Google Finance
  19. ↑ Belko, Mark (11 September 2012). "Strip, Findlay considered for U.S. Steel headquarters" . Retrieved 11 February 2013.

See also

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.