SAF announces CEO succession plan

The board of directors of Southern Aluminum Finishing Co. announced that John McClatchey, 67, is retiring as president of SAF, effective September 1. McClatchey has held the position since 1988. He will continue to serve on the company's board of directors, as well as CFO for at least another two years, according to an August 21 release.

James McClatchey (left) and Penn McClatchey (right) will share the CEO job, assuming the titles of co-CEO. James, 62, will take responsibility for sales, IT and finance. Penn, 50, will take responsibility for operations, engineering and marketing. James joined SAF in 1973, and Penn joined SAF in 1986. Both men have experience in all areas of the company's business, according to the release.

"This is an ideal time for a CEO transition," said John McClatchey, in the release. "The company is in very good shape strategically and financially. The management team at SAF is second to none and ready to capitalize on the many opportunities ahead. I have great confidence in Penn and James and their ability to lead SAF to the next level of success. They are surrounded by a very strong group of talented people at all levels of the organization."