Van Nuys businessman Lloyd C. Lubensky has taken over as chairman of Wheeling-Pittsburgh Steel in yet another management shake-up at the Pittsburgh-based company, which is operating under bankruptcy court protection.
Wheeling-Pittsburgh, which describes itself as the nation's eighth-largest steelmaker, also said George A. Ferris resigned as vice chairman and CEO, a post he had held since September, 1985. A company spokesman said Ferris, 70, wanted to spend more time with his family.
Lubensky, 64, has been a director since October, 1985, and bought a controlling 34.2% interest in Wheeling-Pittsburgh from industrialist Allen Paulson on Dec. 31. Paulson, an old friend of Lubensky, paid $50 million for the shares in 1983 and 1984 but sold them to Lubensky for $100,000, saying he wanted to offset capital gains for tax purposes. Paulson also resigned as chairman.
Only last month, Wheeling-Pittsburgh said it would be led by a three-man executive committee of directors Ferris, Lubensky and John P. Innes. But Lubensky said in a statement that more changes are in the offing. Wheeling-Pittsburgh is "carefully analyzing its management structure and personnel with the view to seeking several new outside directors and a new chief executive officer," he said.