Alter Trading Corp. of St. Louis, which bought Tenenbaum Recycling Group of Little Rock in August, has named Tenenbaum’s former CEO Jack Grundfest as Alter’s senior vice president and chief administrative officer.
Alter, a privately held metal recycling giant with 1,400 employees, said Grundfest will oversee its human resources, safety, environmental and ISO quality departments. He’ll also continue to lead Tenenbaum Recycling Group and the company’s Arkansas operations.
Grundfest will report directly to Alter’s Tim Oliver, who has been promoted to president and CFO. The change is effective March 31
Grundfest’s appointment comes amid other leadership changes at the company, including the retirement of two of Alter’s longtime executives, Bob “Rosie” Rosencrants and Jim Logerquist. Rosencrants is retiring as vice president of operations. Logerquist is retiring as vice president of human resources.
Alter bought the 128-year-old Tenenbaum in August for an undisclosed price. At the time of the sale, Harold Tenenbaum, Tenenbaum Recycling Group’s chairman of the board, said that his family and the Goldstein family, which controls Alter, “have been friends and business associates for decades.” Both company leaders said the two scrap metal recycling companies have similar cultures and histories.
Grundfest said that being a part of Alter would give TRG “access to a lot more resources and access to markets that we didn’t have access to before just because of their size and their offices.”
Alter has 70 metal recycling facilities and seven trading offices in eight states. It also has an office in Hong Kong. The St. Louis Business Journal reported in May that Alter’s estimated revenue for 2017 was nearly $2 billion, an increase from an estimate of $1.3 billion in 2016.
TRG was a subsidiary of the privately held A. Tenenbaum Co. of North Little Rock. Founded in 1890, the company ranked No. 46 on Arkansas Business’ most recent list of the state’s largest private companies with 2017 estimated revenue of $225 million, the same amount as in 2016.
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