O’Neal Industries is promoting Troy Lugo to chief financial officer, prompted by the retirement of Mike Rowland.
Rowland, who has served in the executive vice president and chief financial officer role for 13 years, will retire effective March 31. A graduate of Auburn University with an MBA from The Wharton School at the University of Pennsylvania, Rowland brought years of leadership experience in operations, consulting, investment banking and private equity to the chief financial officer role in 2010.
“Over the past 12 years, Mike has played a leading role in ONI becoming an even stronger and more diverse company. Mike’s contributions and importance to our organization over this period cannot be overstated,” said Craft O’Neal, chairman and CEO.
Following Rowland’s retirement, Lugo will assume the role of senior vice president and chief financial officer, effective April 1. In this role he will be responsible for managing the overall financial affairs of the company and will serve as a member of the company’s executive committee.
Lugo joined ONI in 2017 as vice president and corporate controller, with responsibility of ONI holding company financial reporting, accounting, treasury and banking activities, as well as acting as a support resource for all ONI companies on technical accounting and financial reporting issues.
“Troy has excelled as corporate controller and is uniquely qualified for the CFO role,” said O’Neal.
Lugo earned his bachelor’s and master’s degrees from Samford University. Before joining ONI, he worked for PricewaterhouseCoopers in Birmingham as a senior manager on audit engagements for public, private and family-owned companies. He left PwC to join McKinney Capital as director of finance, where he oversaw the finance, treasury and accounting activities of several of the McKinney family office’s portfolio companies before assuming a CFO role within the company.
O’Neal Industries is a family-owned network of metal service centers and component and tube manufacturing businesses. Its eight subsidiaries are G&L Tube, Leeco Steel, O’Neal Manufacturing Services, O’Neal Steel, Stainless Tubular Products, Slice of Stainless, TW Metals and United Performance Metals. The company generated sales of $2.8 billion in 2021. ONI is based in Birmingham and has more than 70 specialized facilities throughout North America, Europe and Asia.