WYOMISSING, Pa.--(BUSINESS WIRE)--Jun. 2, 2015--
Carpenter Technology Corporation (NYSE:CRS) today announced that its
Board of Directors has appointed Tony R. Thene as Carpenter’s President,
Chief Executive Officer (CEO) and member of the Board of Directors,
effective July 1, 2015. Thene succeeds Gregory A. Pratt who will remain
on the Board of Directors with additional responsibilities as interim
Executive Chairman of the Board. Thene currently serves as Senior Vice
President and Chief Financial Officer of Carpenter Technology
Corporation, where he has served since January 31, 2013.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20150602006010/en/
Tony R. Thene (Photo: Business Wire)
“On behalf of the Carpenter Technology Board of Directors, I am
delighted to congratulate Tony as Carpenter’s next President and CEO,”
said Chairman Pratt. “After an exhaustive and far-reaching search
process, the Board unanimously concluded that Tony is the candidate best
suited to taking the Company to its next level of growth and
profitability. He brings to Carpenter an outstanding record of
accomplishment not only in his tenure here, but also during his time in
both operating and financial roles at his previous companies. Tony has
provided excellent leadership in our efforts to return Carpenter to
previous profit levels. His involvement and commitment has resulted in
recent improvements, and his continued oversight will ensure we meet the
aggressive targets we have established. We are optimistic about
Carpenter’s future prospects under Tony’s leadership and look forward to
working closely with him.”
Tony Thene said, “I am honored to be selected to lead Carpenter
Technology Corp. and enthusiastic about the opportunities ahead for
accelerating the company’s growth. I look forward to working with the
Board of Directors, Carpenter’s employees, our shareholders, and
Carpenter’s customers around the world to capitalize on the Company’s
enormous potential and extend its proud record of achievement and
success.”
In his role as interim Executive Chair, Pratt will be responsible for
developing the overall corporate strategy, and in conjunction with the
President and Chief Executive Officer, providing leadership and building
consensus in the development of Carpenter’s overall strategic plan,
capital markets activities and corporate development initiatives within
the context of the corporate strategy. “Serving Carpenter for the second
time as President and CEO over the past few months has been a great
pleasure and a highlight of my career. I again would like to thank the
Board, management team, and our employees around the world for their
hard work and support. Their efforts have been critical to our many
accomplishments and in setting the stage for even greater future
success. I look forward to assisting Tony and to ensure that we continue
to build on our current momentum while effecting a smooth leadership
transition.”
Tim Lain, who joined Carpenter in June, 2007 and is currently
Carpenter’s Vice President—Controller and Chief Accounting Officer, will
serve as acting Chief Financial Officer while a search is underway. Lain
has had progressively responsible roles in Carpenter’s financial
organization since joining the Company, and he has prior experience as
the Audit Director for McGladrey & Pullen. He has a Bachelor’s in
Accounting from the Fox School of Business and Management at Temple
University.
About Tony R. Thene
Tony R. Thene, 54, currently serves as Senior Vice President & Chief
Financial Officer for Carpenter Technology Corporation. Thene joined
Carpenter after 23 years with Alcoa Inc., where he most recently served
as the Chief Financial Officer for Alcoa’s Engineered Products and
Solutions (EPS) business. He was Vice President & Controller for Alcoa
and was responsible for all corporate and business technical accounting
matters, including financial controls and all Securities Exchange
Commission filings. He earned his undergraduate degree in Accounting
from Indiana State University, Evansville, and his MBA from Case Western
Reserve University, Cleveland, Ohio. He is also a Certified Public
Accountant.
About Carpenter Technology
Carpenter produces and distributes premium alloys, including special
alloys, titanium alloys and powder metals, as well as stainless steels,
alloy steels and tool steels. Information about Carpenter can be found
at http://www.cartech.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations and are subject to risks, uncertainties and other factors
that could cause actual results to differ from those projected,
anticipated or implied. The most significant of these uncertainties are
described in Carpenter's filings with the Securities and Exchange
Commission including its annual report on Form 10-K for the year ended
June 30, 2014, Form 10-Q for the quarters ended September 30, 2014,
December 31, 2014, and March 31, 2015, and the exhibits attached to
those filings. They include, but are not limited to, statements
regarding growth, profitability, revenues, strategic goals, mix costs,
and targeted financial performance. Any of these factors could
have an adverse and/or fluctuating effect on Carpenter’s results of
operations. The forward-looking statements in this document are intended
to be subject to the safe harbor protection provided by Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Carpenter undertakes no
obligation to update or revise any forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150602006010/en/
Source: Carpenter Technology Corporation
Carpenter Technology Corporation
Media Inquiries:
William J.
Rudolph Jr., +1 610-208-3892
wrudolph@cartech.com
or
Investor
Inquiries:
Michael A. Hajost, +1 610-208-3476
hajost@cartech.com