Kennametal Names Ronald DeFeo CEO
February 04 2016 - 12:00PM
Dow Jones News
Kennametal Inc. on Thursday named veteran board member Ronald
DeFeo chief executive, effective immediately, succeeding Donald
Nolan.
Mr. Nolan, who had been CEO since November 2014, has left the
company to pursue other interests.
Shares, which have fallen 30% over the past three months, shot
up 11% to $19.48 in recent trading.
"We have determined a change in leadership is necessary," said
Chairman Lawrence Stranghoener.
Mr. DeFeo, who has been on the board since 2001, served as CEO
of machinery and industrial products manufacturer Terex Corp. for
two decades until retiring last year. Before joining Terex, Mr.
DeFeo held positions at J.I. Case Co. and Procter & Gamble Co.
for 10 years.
Kennametal on Wednesday cut its earnings guidance for the year
while reporting fiscal second-quarter results, with Mr. Nolan
saying, "We are clearly operating in an environment where some of
our key end markets are under significant pressure."
On Thursday, Mr. Stranghoener called Mr. Nolan "a necessary
change agent through a period of significant turmoil and
uncertainty."
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
February 04, 2016 11:45 ET (16:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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