CHICAGO — Steel processor SET Enterprises Inc. has named
Victor Edozien president and chief executive officer.
Edozien, who has acquired a
"significant" equity position in SET, will assist SET as it continues
to execute its growth initiatives, the company said.
The Warren, Mich.-based company, which also
provides duct manufacturing and construction
services, operates facilities in Alabama,
Illinois, Indiana and Michigan. Prompted by the needs of such key customers as
Ford Motor Co., Chrysler Group LLC and ThyssenKrupp Steel USA LLC, it opened a
70,000-square-foot plant in Jackson, Ala., in March.
"With our recent expansions into
Alabama, our entry into the heating, ventilation and air conditioning, duct and
construction industries, (and) our growth in our core businesses, including
automotive, we recognized the need to expand our organizational
resources,"chairman Sid E. Taylor said in a statement.
Edozien has sat on SET’s board for five years, and he and Taylor have worked together on other ventures.
The company said that Edozien has acquired a
significant equity position in SET Enterprises through AG-Steel LLC, an affiliate
company of Asaba Group Inc, which he founded.
With Edozien’s equity stake, "we (have) set the foundation for a long-term
succession plan that will carry the company well into the future," Taylor
said.
Edozien is the founder and managing principal
of Asaba Group, a strategy consulting/private equity holding company.
He worked in the auto industry for 15 years and runs other automotive businesses
under AG-Manufacturing Inc., which has
facilities in Alabama, Illinois and Michigan. SET has been in business
supplying steel to automakers and their Tier I and Tier II suppliers since
1989.
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