(updated at 4:00 PM EDT)
Gary A. Glynn, president of the U.S. Steel and Carnegie Pension Fund since 1985, will retire July 31, confirmed Erin DiPietro, a spokeswoman for U.S. Steel Corp.
William Donovan, will succeed Mr. Glynn as president on Aug. 1. He currently is vice president-investments.
The fund is the trustee for the pension and other benefit plans of U.S. Steel. As of Dec. 31, U.S. Steel had $8.66 billion in total retirement assets.
Mr. Glynn, who declined to comment, has been with the fund for 40 years. Mr. Donovan has worked for the fund since 1994, starting as an investment analyst, according to a U.S. Steel news release. He has been vice-president investments since 2000.
U.S. Steel also announced that on Aug, 1, Lyle G. Clark will be promoted to senior vice president-investments from vice president-investments. In addition, Randy S. Edwards, now manager-industry group investment, will become vice president-investments.
Messrs. Donovan, Clark and Edwards will remain at the fund's New York office.
“Gary's skilled oversight and management of our pension fund assets under all types of economic conditions, and particularly during the recent recession, has played an important role in our company's ability to honor the promises we have made to our retirees and the employees who will receive benefits in the future,” said John P. Surma, chairman and CEO of U.S. Steel, in the news release.
“It has been a privilege to serve with Gary, an outstanding investment professional of many accomplishments whose greatest legacy is the outstanding organization that he has built and developed,” said Gretchen Haggerty, executive vice president and CFO of U.S. Steel, said in the news release. Ms. Haggerty also is chairwoman of the U.S. Steel and Carnegie Pension Fund.