Craig Bouchard has stepped down as chief executive and chairman of Real Industry Inc., it was announced Monday.
The Sherman Oaks holding company’s board of directors elected Kyle Ross, the chief financial officer, as the interim chief executive and William Hall as chairman.
Hall, a board member since 2015, said that Bouchard and the board agreed the time was right for a leadership transition now that the integration of Real Alloy, an independent aluminum recycler in Cleveland acquired last year, has been completed.
“Craig has been instrumental in leading Real Industry’s growth and development as a Nasdaq-listed public company, and we thank him for his leadership and dedication,” Hall said in a prepared statement.
Real Industries had been known as Signature Group Holdings Inc. until purchasing Real Alloy, which converts scrap metal into aluminum for use in the automotive, aerospace manufacturing, beverage packaging and construction industries.
The board will not search for a permanent chief executive and will instead look for a replacement for Ross as chief financial officer. Ross played a leading role in the due diligence and financing of the Real Alloy acquisition and in its integration into Real Industry’s operations.
“Real Alloy is an excellent company, and we will enhance our focus on expanding its leading global market position in aluminum recycling while seeking new businesses with a critical focus on allocating capital wisely,” Ross said in a prepared statement.
Shares closed down 83 cents, or more than 10 percent, to $7.33 on the Nasdaq.