New board of directors at US Steel has US citizen majority
Nippon Steel announced the appointments on Thursday in a statement released jointly with US Steel.
The new directors are Retired Admiral Timothy J. Keating; former Lockheed Martin CEO Robert J. Stevens; and John M. Donovan, a former CEO of AT&T Communications, a wholly owned subsidiary of AT&T.
Before the inclusion of the three, Dave Burritt, CEO of US Steel, was the only US citizen on the company's board. US citizens now make up a majority on the seven-member board, in accordance with a national security agreement.
Nippon Steel and US Steel entered into the agreement with the US government in June this year.
Under the deal, the US government will be issued a "golden share" in US Steel, allowing it to veto important management decisions such as the appointment of a board member.
Nippon Steel says the US government could replace one of the three independent US directors.
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