Steel Dynamics, Inc. announced that directors Richard P. Teets, Jr. and Gabriel L. Shaheen will retire from the Board effective at the 2026 Annual Meeting on May 6, 2026, reducing the Board size from nine to seven members. This matters to investors as it represents a significant change in board composition and governance for the company.
Key takeaways
Two board members, Richard P. Teets, Jr. and Gabriel L. Shaheen, will retire and not stand for reelection at the 2026 Annual Meeting.
The retirements are effective at the 2026 Annual Meeting of Shareholders taking place on May 6, 2026.
The size of the Board will be reduced from nine to seven members effective at the 2026 Annual Meeting.
Neither director's decision resulted from any disagreement with the company on operations, policies, or practices.
Richard P. Teets, Jr. is a co-founder of Steel Dynamics and has served on the board for over 35 years.
Gabriel L. Shaheen has served on the board for over sixteen years.