Anne Stevens Appointed Chairman, President and Chief Executive Officer of Carpenter Technology
October 18 2006 - 8:00AM
Business Wire
Carpenter Technology Corporation (NYSE:CRS) announced today the
appointment of Anne Stevens as Chairman, President and Chief
Executive Officer, effective November 1, 2006. Ms. Stevens will
succeed Robert J. Torcolini, who previously announced his
retirement from the Company. He will be a special advisor to Ms.
Stevens and the Board until January 1, 2007. Ms. Stevens, 57, held
management positions of increasing responsibility at Ford Motor
Company during the past 16 years. She most recently served as
Executive Vice President of Ford Motor Company and Chief Operating
Officer of Ford in The Americas, with responsibility for Ford�s
North and South American product development, vehicle launch,
manufacturing and material purchasing activities. Mr. Torcolini
commented, �Anne is a proven leader who brings extensive experience
in the management of global operations, manufacturing facilities
and new product development. Today Carpenter is in the best
business and financial health in its 117-year history. Through the
collective efforts of our employees, we have just completed another
year of record sales and net income in fiscal 2006. Anne has the
right combination of skills and experience to build on Carpenter�s
strengths to deliver profitable growth and long-term shareholder
value.� Anne Stevens said, �I am excited to have the opportunity to
lead Carpenter through its next stages of growth. Bob�s tenure was
marked by outstanding leadership and a culture of performance. I
look forward to working with Carpenter�s talented team, leveraging
my experience to continue the excellent progress made in improving
Carpenter�s business fundamentals and to achieve strong global
growth.� Ms. Stevens joined Ford in 1990 as a marketing specialist
in the Plastics Products division in Dearborn, Michigan. Among her
positions at the Company, she served as Group Vice President for
business operations in Canada, Mexico and South America, where she
grew market share while improving profitability. As Vice President
of North American Vehicle Operations, she was responsible for
nearly thirty plants in Canada, Mexico and the United States where
she delivered record improvements in quality and productivity. She
is a nationally recognized expert in operational excellence and
lean manufacturing. Before joining Ford, Ms. Stevens held
engineering, manufacturing and marketing positions for over ten
years at Exxon Corporation. She earned a B.S. in Mechanical and
Materials Engineering from Drexel University and did post graduate
work at Rutgers University. She also received an honorary Ph.D. in
Communication Sciences from Central Michigan University. Ms.
Stevens is a member of the Board of Directors of Lockheed Martin
since 2002. She is a member of the National Academy of Engineering
and received a distinguished service citation from the Automotive
Hall of Fame. She has been named four times to Fortune magazine's
list of �50 Most Powerful Women in Business� and was named by
Automotive News as a 2005 �Leading Woman in the North American
Automotive Industry.� Carpenter Technology, based in Wyomissing,
PA, produces and distributes specialty alloys, including stainless
steels, titanium alloys and superalloys, and various engineered
products. Information about Carpenter Technology can be found on
the Internet at www.cartech.com. Except for historical information,
all other information in this news release consists of
forward-looking statements within the meaning of the Private
Securities Litigation Act of 1995. These forward-looking statements
are subject to risks and uncertainties 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, 2006, and the exhibits attached to those filings. They include
but are not limited to: 1) the cyclical nature of the specialty
materials business and certain end-use markets, including
aerospace, industrial, automotive, consumer, medical, and energy
including power generation, or other influences on Carpenter�s
business such as new competitors, the consolidation of customers,
and suppliers or the transfer of manufacturing capacity from the
United States to foreign countries; 2) the ability of Carpenter to
achieve cost savings, productivity improvements or process changes;
3) the ability to recoup increases in the cost of energy and raw
materials or other factors; 4) domestic and foreign excess
manufacturing capacity for certain metals; 5) fluctuations in
currency exchange rates; 6) the degree of success of government
trade actions; 7) the valuation of the assets and liabilities in
Carpenter�s pension trusts and the accounting for pension plans;
8)�possible labor disputes or work stoppages; 9) the potential that
our customers may substitute alternate materials or adopt different
manufacturing practices that replace or limit the suitability of
our products; and 10) the ability to successfully acquire and
integrate acquisitions. 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.
Carpenter Technology Corporation (NYSE:CRS) announced today the
appointment of Anne Stevens as Chairman, President and Chief
Executive Officer, effective November 1, 2006. Ms. Stevens will
succeed Robert J. Torcolini, who previously announced his
retirement from the Company. He will be a special advisor to Ms.
Stevens and the Board until January 1, 2007. Ms. Stevens, 57, held
management positions of increasing responsibility at Ford Motor
Company during the past 16 years. She most recently served as
Executive Vice President of Ford Motor Company and Chief Operating
Officer of Ford in The Americas, with responsibility for Ford's
North and South American product development, vehicle launch,
manufacturing and material purchasing activities. Mr. Torcolini
commented, "Anne is a proven leader who brings extensive experience
in the management of global operations, manufacturing facilities
and new product development. Today Carpenter is in the best
business and financial health in its 117-year history. Through the
collective efforts of our employees, we have just completed another
year of record sales and net income in fiscal 2006. Anne has the
right combination of skills and experience to build on Carpenter's
strengths to deliver profitable growth and long-term shareholder
value." Anne Stevens said, "I am excited to have the opportunity to
lead Carpenter through its next stages of growth. Bob's tenure was
marked by outstanding leadership and a culture of performance. I
look forward to working with Carpenter's talented team, leveraging
my experience to continue the excellent progress made in improving
Carpenter's business fundamentals and to achieve strong global
growth." Ms. Stevens joined Ford in 1990 as a marketing specialist
in the Plastics Products division in Dearborn, Michigan. Among her
positions at the Company, she served as Group Vice President for
business operations in Canada, Mexico and South America, where she
grew market share while improving profitability. As Vice President
of North American Vehicle Operations, she was responsible for
nearly thirty plants in Canada, Mexico and the United States where
she delivered record improvements in quality and productivity. She
is a nationally recognized expert in operational excellence and
lean manufacturing. Before joining Ford, Ms. Stevens held
engineering, manufacturing and marketing positions for over ten
years at Exxon Corporation. She earned a B.S. in Mechanical and
Materials Engineering from Drexel University and did post graduate
work at Rutgers University. She also received an honorary Ph.D. in
Communication Sciences from Central Michigan University. Ms.
Stevens is a member of the Board of Directors of Lockheed Martin
since 2002. She is a member of the National Academy of Engineering
and received a distinguished service citation from the Automotive
Hall of Fame. She has been named four times to Fortune magazine's
list of "50 Most Powerful Women in Business" and was named by
Automotive News as a 2005 "Leading Woman in the North American
Automotive Industry." Carpenter Technology, based in Wyomissing,
PA, produces and distributes specialty alloys, including stainless
steels, titanium alloys and superalloys, and various engineered
products. Information about Carpenter Technology can be found on
the Internet at www.cartech.com. Except for historical information,
all other information in this news release consists of
forward-looking statements within the meaning of the Private
Securities Litigation Act of 1995. These forward-looking statements
are subject to risks and uncertainties 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, 2006, and the exhibits attached to those filings. They include
but are not limited to: 1) the cyclical nature of the specialty
materials business and certain end-use markets, including
aerospace, industrial, automotive, consumer, medical, and energy
including power generation, or other influences on Carpenter's
business such as new competitors, the consolidation of customers,
and suppliers or the transfer of manufacturing capacity from the
United States to foreign countries; 2) the ability of Carpenter to
achieve cost savings, productivity improvements or process changes;
3) the ability to recoup increases in the cost of energy and raw
materials or other factors; 4) domestic and foreign excess
manufacturing capacity for certain metals; 5) fluctuations in
currency exchange rates; 6) the degree of success of government
trade actions; 7) the valuation of the assets and liabilities in
Carpenter's pension trusts and the accounting for pension plans; 8)
possible labor disputes or work stoppages; 9) the potential that
our customers may substitute alternate materials or adopt different
manufacturing practices that replace or limit the suitability of
our products; and 10) the ability to successfully acquire and
integrate acquisitions. 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.
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