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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Asaba Group Holdings
RandomAsaba Group Holdings began in 2004 with its first acquisition and evolved from the Asaba Group, Inc. which was established in 1999 as a management consulting firm focused on strategy and business improvement.
