Kaiser Steel's chairman and chief executive, Monty H. Rial, said Tuesday that he agreed to step down from his two posts if the company's proposed slate of directors is elected.
The financially troubled company said James L. Marvin, one of Kaiser's six board nominees, will succeed Rial if shareholders vote in the new slate. Marvin was formerly senior vice president of Atlantic Richfield and president of Anaconda Minerals Co. Rial, however, will continue as a board member.
His resignation was one condition on which Fidelity Group--Kaiser's biggest preferred stockholder--set in exchange for voting for management's board nominees at the company's annual meeting Tuesday in Denver.
Other conditions included that the new board designate an independent outside counsel to conduct an "investigation of all related party transactions involving present Kaiser Steel management" and hold a 1987 annual meeting before June 30.
The annual meeting was adjourned until Monday, Dec. 1, at 5 p.m. to complete the election process.