CHARLOTTE, N.C. -- Nucor Corp.'s chief executive, John Correnti, has resigned following a long-simmering dispute among top management at the nation's No. 2 steelmaker.
Correnti resigned Thursday, saying there were disagreements over the company's future direction, including getting into nonsteel businesses."I am saddened to be leaving Nucor," he said.
Company chairman David Aycock, who retired as Nucor president in 1991 but remained a director, will succeed Correnti as chief executive.
"He and the board had a little different ideas on the direction of the company for the future," said Aycock. "The board wants to at least evaluate opportunities in industries or businesses that are not steel or steel products."
Aycock said he will run the company indefinitely until a successor is chosen.
Nucor Steel operates a mill in Plymouth, Box Elder County.
Correnti's resignation followed several days of meetings, including a Wednesday session of Nucor's seven-member board -- three of them newly appointed outside directors.
On Thursday morning, Nucor's general managers, who run the company's steel mills and plants nationwide, were in Charlotte to hear of Correnti's resignation. He praised them, cleaned out his office and went home.
Nucor stock dropped 8.3 percent Thursday to close at $47 on heavy trading on the New York Stock Exchange.
Robinson-Humphrey analyst Doug Moffat said he was dismayed by the moves, and cut his rating on the stock.
"Aycock had been out of the company for a long time. I was concerned when he came back in as chairman. Obviously, they clashed, and Correnti is out," Moffat said.
Aycock, 68, became Nucor's chairman on Jan. 1, following the retirement of company founder Ken Iverson.