Don of a new day: Braidy Industries tabs Foster CEO
Staff Report, The Daily Independent
June 24, 2020
ASHLAND, Ky.– Braidy Industries is hiring a new CEO, according to a Wednesday announcement.
Don Foster, will become the Acting President and CEO of Braidy Industries, amidst a few personnel changes disclosed in a recent Security Exchange Commission filing. Foster will continue to serve as the CEO of Bridge Consulting LLC, per the announcement.
Readers with long memories may remember Bridge Consulting LLC entered into a consulting agreement in late April with Braidy Industries, after interim CEO Tom Modrowski left to head up a Missouri steel tubing outfit.
Bridge Consulting’s parent company, Metals Bridge LLC, has entered into a paying agreement with Braidy for 50,000 metric tons of aluminum annually and a $500 million front once the mill is up and running.
The press release quotes Foster as stating, “The business case for this project is strong and I’m honored to be a part of it.”
The saga started back in late January, when the board of directors ousted Braidy founder and CEO Craig Bouchard. Bouchard sued in Delaware — the company is incorporated — but settled out of court at the beginning of the month.
The SEC report states Bouchard received $6 million to walk away from the company he named after one of his children. At the same point in time, the SEC report states Braidy Industries borrowed $6 million from subsidiary Braidy Atlas.
Foster has a 40-year career in the metals industry and has served as an officer for U.S. Steel and L.B. Foster Company in Pittsburgh. Chairman of the Board Charles Price said Foster’s experience is key to pushing the project forward.
“Braidy Industries is the future of aluminum and there is no one better to lead the team than an experienced professional like Don Foster,” Price said.
Foster joins a relatively fresh team at Braidy — Terry Gill, the former Secretary of the Economic Development Cabinet from January 2017 to May 2019, is now the interim president of Braidy Atlas. Bruce Kramer, a former executive at Charah Solutions — the outfit Price helmed until January 2019 — is the new Chief Financial Officer.
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