by: Govindarajan, Vijay
Source: Tuck School of Business, Dartmouth College
In January 1999, in a boardroom coup, Ken Iverson, chairman of Nucor, was forced into retirement. In June 1999, his successor, John Correnti, was voted out of power. The board appointed 68-year-old David Aycock chairman, chief executive, and president of Nucor. Aycock joined Nucor in 1954, became a director in 1971 and president in 1984; he retired in 1991. He stayed on Nucor's board after 1991 as the second largest individual shareholder.
The main bone of contention was the long-term strategic direction of the company. The board wanted a fundamental shift in Nucor's strategy which Iverson and Correnti resisted.
Publication Date: 2001-01-01