Suzanne Rich Folsom, general counsel, chief compliance officer and senior vice president of government affairs with United States Steel Corporation (US Steel), will resign from the company effective December 29, 2017.
Folsom joined the company in those capacities in 2014 to oversee all legal, regulatory, compliance, corporate governance and environmental matters. Her responsibilities also include driving the company’s public policy, international trade and government affairs initiatives, overseeing the corporate aircraft group, ensuring the profitability of the company’s real estate division and providing risk management oversight for the company’s joint ventures worldwide.
Among other things, she served as company chair on the negotiating committee during the negotiation of a new collective bargaining agreement with the United Steelworkers Union in 2015. Folsom’s resumé includes an earlier spell as vice president, chief regulatory and compliance officer and deputy general counsel at AIG, according to her LinkedIn profile.
Deputy general counsel Richard Fruehauf is assuming day-to-day responsibility for legal operations to allow Folsom to focus on strategic and transitional matters while the company undertakes a comprehensive search for a permanent replacement. A US Steel spokesperson declined to provide further details on a successor and Folsom’s plans.
‘Suzanne played a pivotal role in driving the success of the company’s efforts to combat illegally subsidized and dumped steel products that are being imported into the [US],’ US Steel president and CEO David Burritt says in a statement. ‘Her tireless leadership in this arena benefitted the company and the domestic steel industry, and highlighted the threat that unfair trade represents to manufacturing across the US.
‘We respect Suzanne’s decision and are grateful for her many achievements serving the company. I thank Suzanne for her dedication to US Steel and the country, and I wish her continued success in the next phase of her career.’
Folsom says: ‘I am proud of all that my team accomplished over the last four years – and I thank [all team members] for their dedication and support.’
Ben Maiden
Ben Maiden is the editor-at-large of Governance Intelligence, an IR Media publication, having joined the company in December 2016. He is based in New York. Ben was previously managing editor of Compliance Reporter, covering regulatory and compliance...
