In First Action as Centrus Energy, CEO John Welch to Step Down

In the first major action since transitioning from USEC to Centrus Energy Corp. this week, longtime President and Chief Executive Officer John Welch will step down, while the company’s new board of directors elected Mikel Williams as chairman. Welch, who has served as head of the company since October 2005, plans to step down on Oct. 17 and the board has launched its selection process for a new CEO. “After successfully demonstrating the benefits of the American Centrifuge technology and completing the restructuring, Centrus is on track to succeed. After nine years as CEO, this is the right time for me to step down,” Welch said in a statement, adding that he will step down from the board at the same time. Williams said the company plans to “seek his counsel as an advisor” as progress continues on American Centrifuge.

 

Uranium enrichment company USEC emerged from a chapter 11 bankruptcy restructuring on Sept. 30 under the new name Centrus Energy. Centrus Chief Restructuring Officer John Castellano will serve as interim CEO for the company, coming from business advisory firm AlixPartners. “We are fortunate to have someone of John Castellano’s caliber available to step forward as interim CEO as we conduct a thorough search for our next chief executive. Castellano has served as the chief restructuring officer since October 2013 and has gained an understanding of our business. He is well positioned to serve in this interim role while we consider internal and external permanent candidates,” Williams said in a statement.