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|Item 5.02 –|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 13, 2020, the Board of Directors (the “Board”) of Carpenter Technology Corporation (the “Company”), upon the recommendation of its Corporate Governance Committee, appointed Charles D. McLane, Jr. to the Board. Mr. McLane was appointed to the Audit/Finance and Strategy Committees. Mr. McLane is a Class I director, which means he will stand for re-election at the Company’s 2023 Annual Meeting of Stockholders.
The Board determined that Mr. McLane qualifies as independent director under the director independence standards set forth in the rules and regulations of the Securities and Exchange Commission and the applicable listing standards of the New York Stock Exchange.
Mr. McLane will be entitled to compensation under the Company’s compensation policy for non-employee directors. There are no arrangements or understandings between Mr. McLane and any other person pursuant to which they were appointed as a director. There are no transactions in which Mr. McLane has an interest requiring disclosure under Item 404(a) of Regulation S-K.
The full text of a press release issued in connection with Mr. McLane’s appointments is attached hereto as Exhibit 99.1 and incorporated herein by reference.
|Item 9.01 -|| |
Financial Statements and Exhibits
|99.1||Press Release, dated October 15, 2020|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document).|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|CARPENTER TECHNOLOGY CORPORATION|
|James D. Dee|
|Senior Vice President, General Counsel and Secretary|
Date: October 16 2020
The Plunkett Group
CHUCK McLANE JOINS CARPENTER TECHNOLOGYS BOARD OF DIRECTORS
PHILADELPHIA, Pa. October 15, 2020 Carpenter Technology Corporation (NYSE: CRS) announced today that Charles Chuck D. McLane, Jr., former Executive Vice President and Chief Financial Officer, Alcoa Inc., has been appointed to the Companys Board of Directors, effective immediately. Mr. McLane replaces Robert R. McMaster, who, as previously announced, retired from the Board at the 2020 Annual Meeting of Stockholders. Mr. McLane will serve on the Audit/Finance Committee and Strategy Committee of the Board of Directors.
From 2007 to his retirement in 2013, Mr. McLane served as Executive Vice President and Chief Financial Officer of Alcoa Inc., a global manufacturer of primary aluminum, fabricated aluminum, and alumina products as well as non-aluminum engineered products serving the aerospace, automotive, packaging, building and construction, commercial transportation, oil and gas, defense, consumer electronics, and industrial markets. Prior to being named Chief Financial Officer, Mr. McLane held financial leadership roles including Corporate Controller and Director Investor Relations. Mr. McLane joined Alcoa Inc. in 2000 following Alcoas acquisition of Reynolds Metals Company where he held various accounting, finance and treasury management positions.
Mr. McLane currently serves as a Trustee on the Board of Virginia Commonwealth University School of Business Foundation and is a member of the Board of Directors of Verity Pregnancy and Medical Resource Center. From 2011 to 2019, Mr. McLane served as a member of the National Board of Directors of Girl Scouts USA including serving as Treasurer and Chair of the Finance Committee.
We are excited to welcome Chuck to Carpenter Technologys Board of Directors. With over 40 years of financial leadership experience and proven capabilities, most notably in leading Alcoa through the financial crisis of 2008 and 2009, Chuck will clearly be an asset to Carpenter Technology. He brings significant industry experience in large multinational materials manufacturing and deep financial acumen which will prove invaluable as we continue to execute against our long-term strategic vision and navigate near term challenges associated with the global COVID-19 pandemic said Gregory A. Pratt, Chairman of the Board.
About Carpenter Technology
Carpenter Technology Corporation is a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, transportation, energy, industrial, medical, and consumer electronics markets. Founded in 1889, Carpenter Technology has evolved to become a pioneer in premium specialty alloys, including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing (AM) processes and soft magnetics applications. Carpenter Technology has expanded its AM capabilities to provide a complete end-to-end solution to accelerate materials innovation and streamline parts production. More information about Carpenter Technology can be found at www.carpentertechnology.com.