Vulcan Steel Announces CEO Retirement and Leadership Transition Plan

June 16, 2025 05:43 PM AEST | By Team Kalkine Media

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Vulcan Steel Announces CEO Retirement and Leadership Transition Plan — Image source: Shutterstock

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Highlights

Long-serving Vulcan Steel CEO to retire by end of 2025

Leadership transition planned with experienced internal successor

Board reshuffle expected to retain strategic continuity

Vulcan Steel (ASX:VSL) has announced a major shift in its leadership as Chief Executive Officer Rhys Jones prepares to retire after an impressive 19-year tenure. The company confirmed that Jones will step down from his role at the end of 2025 and is set to be nominated for election to the board at the upcoming annual shareholder meeting in October.

This leadership change marks a significant milestone for the company, which operates across Australia and New Zealand in steel and metals distribution. Under Jones's leadership, Vulcan Steel expanded its market presence and operational capacity, playing a pivotal role in shaping its strategic direction and regional footprint.

To ensure a smooth transition, Jones will remain in his position for the next six months before handing over the reins to Gavin Street, the company’s current Chief Commercial Officer. Street, who joined Vulcan Steel in October 2024, brings nearly two decades of executive-level experience and is set to officially take on the role of Managing Director and CEO from 1 January 2026.

This planned transition is aimed at preserving strategic momentum and stability. In addition, the current Chair of the Board, Russell Chenu, will also step down from the chair position, although he will continue to serve as a board director. Should Jones be elected to the board during the shareholder meeting, the proposal is for him to assume the role of Chair. This move is designed to retain his extensive industry insight and ensure continued alignment with the company’s strategic goals.

The announcement follows a modest market reaction, with shares of Vulcan Steel (ASX:VSL) closing 1.7% lower at $5.97 on the day of the news. The stock has declined approximately 12.9% year-to-date.

In a statement released to the exchange, the board expressed gratitude for Jones’s leadership, emphasizing his role in establishing Vulcan Steel as a prominent force in the sector. They also conveyed confidence in Street’s ability to guide the company into its next phase.

With key leadership changes ahead, Vulcan Steel appears focused on continuity and leveraging experienced internal talent to drive future growth while maintaining its established strategic course.

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