Algoma Steel president Alexander (Sandy) Adam announced his resignation effective Aug. 31 to surprised shareholders at the company's annual meeting May 23 in Sault Ste. Marie. Citing personal reasons for his decision, he will remain on Algoma's board of directors. Adam was president during one of the most tumultuous periods in Algoma's history, leading the city's major employer through nine months of bankruptcy protection in 2002 before its January financial restructuring. During his tenure, the company built its direct strip production mill. Adam, who had two years remaining on an eight-year contract, and succeeded Al Hopkins in 1996, held senior executive positions at Toyota Canada and Stelco.