Friday, September 19, 2003 12:00:00 AM - Monroe Ohio
Richard Wardrop CEO and John Wirtz President of AK Steel' resigned' Thursday causing the stock to drop 10% in early trading Friday.
Photo: Richard Wardrop speaks
Goldman Sachs (GS) rates AKS as Under perform/Neutral in light of the resignations. GS sees both positive and negative implications for the stock.
Mr. Wardrop and Mr. Wirtz had 'difficult' relations with labor. But both are credited with keeping AKS out of Chapter 11 Bankruptcy. Jim Wainscott, the new acting CEO, might be a fresh start on labor relations and has an aversion to bankruptcy as did his predecessors.