Craig Bouchard disputed Friday a press release issued Thursday by Braidy Industries that Bouchard has stepped down as chief executive officer of the company that is trying to build a $1.7 billion aluminum mill near Ashland.
Bouchard said on his Facebook page that he had just stepped off an international flight Friday morning and he “did not authorize the press release that was issued yesterday. I have not stepped down as the CEO of Braidy Industries, and I am the Chairman of the Board and CEO of Braidy Atlas.”
Bouchard added, “After I complete my next flight, have a chance to kiss my wife and hug my kids, I will begin to prepare a longer statement for you and for the press. Maybe for Monday consumption.
“My sole focus is rebuilding Ashland and NEK. Im sorry for the stress that was created in Ashland yesterday. You don’t need that. Craig.”
Bouchard’s Facebook post created confusion among political leaders.
Before the Facebook item was posted, Kentucky Gov. Andy Beshear said Friday through a spokesman that he understands that Thursday’s resignation of Bouchard “will not impact the current status of the project.”
But Senate President Robert Stivers expressed concern Friday before Bouchard’s Facebook post, saying. “It’s been years and nothing has happened” and U.S. Rep. Thomas Massie, who represents the district, said it was not good news.
House Speaker David Osborne said he has been told “the project is moving forward.” His comment came before Bouchard’s Facebook post.
Both Stivers and Osborne said they did not know of any request from the company for more state assistance or why Bouchard stepped down.
The company, in a press release Thursday, said Bouchard will step down as CEO but will remain on the company’s board of directors
Braidy named its current president, Tom Modrowski, a Kentucky native, as its interim CEO.
The aluminum mill is still on course for its expected completion date of 2021, the company said.
Braidy Industries has been wracked by controversy since former Gov. Matt Bevin announced, two years ago, that he would invest $15 million of state money into the project.
The state investment led to a court battle, led by the Courier-Journal, for records detailing the company’s finances. Gov. Andy Beshear’s administration released those records earlier this month.
The company has also been criticized for its $200 million deal with Rusal, a major Russian aluminum company that was blacklisted by the U.S. Government until January 2019.
Braidy officials have said they expect the plant to cost $1.7 billion and bring hundreds of jobs to the Ashland area.
Senate leader Stivers, R-Manchester, said he was briefed Thursday about Bouchard’s move and was told that “he was asked and amicably stepped down.” Stivers did not say who briefed him.
The legislative leader said he understood that Bouichard “could have done more because of his number of shares in the company.”
Asked to elaborate, Stivers said, “I assume whatever this corporate entity or corporate structure is, he owns a substantial amount of shares. Naturally, when you own large blocks of a corporation, you have substantial voting rights.
“I don’t know how much that is. I don’t what their articles or bylaws are.”
Asked if Bouchard’s move was driven by shareholders in the company, Stivers said he did not know.
“Until it gets built, you always have to have concerns,” he said. “This is one of the first things Gov. Bevin asked us to do that has not come to fruition. We placed our trust in him based on what he gave us.”
Everyone wants to see the project materialize, said Stivers, because it would be greatly helpful to a region that has lost AK Steel and soon is to lose its hospital, Our Lady of Bellefonte.
If the project does not happen, said Stivers in response to a reporter’s question, he said he expects there would be an attempt by the state to get its money back either through litigation through the attorney general’s office or the Economic Development Cabinet.
Stivers also said he has not heard of any other country’s efforts to invest in the project.
House Speaker Osborne, R-Prospect, said he talked to the governor’s office early Friday morning about Bouchard.
“They have talked to some local officials that are very confident that the project is moving forward,” said Osborne. “They are still excited about the project and expect it to be built, expect it to be completed. This governor’s office is committed to seeing it through and you know it’s a project that is going to mean generational change in that area.”
The only statement from Beshear’s office came through his spokesman, Sebastian Kitchen. It said, “We were previously advised of these changes and it is our understanding they do not impact the current status of the project.”
U.S. Rep. Massie, R-Vanceburg, said Friday before Bouchard’s Facebook post that he had no advanced notice about work that Bouchard was stepping down “and it took me by surprise as well.”
Massie said he has been supportive of the project, but cautioned people to remember that Braidy Industries, in his view, is “a large startup,” and comes with all the inherent risks and challenges that other startups face.
“I’ve always assigned startup odds to it,” he said. “It’s obviously a setback when a CEO and visionary leaves, so I don’t see this as good news, and I’ll need to learn more about why he stepped down before I can review my expectations.”
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Written by Will Wright andJack Brammer. Cross-posted from the
Herald-Leader via the Kentucky Press News Service.