8-KLeadership ChangesExhibits & Filings

CARPENTER TECHNOLOGY CORP 8-K Report, Executive Changes (Jul 11, 2007)

Filed July 11, 2007For Securities:CRS

Summary

Carpenter Technology Corporation (CRS) has announced a significant change in its executive leadership with the appointment of K. Douglas Ralph as the new Chief Financial Officer (CFO), effective July 9, 2007. Mr. Ralph brings extensive financial experience, having previously held CFO roles at Foamex International and a long tenure at Procter & Gamble. This appointment is a key event for investors to note, as the CFO plays a crucial role in financial strategy, reporting, and investor relations. The report also details Mr. Ralph's compensation package, including a base salary, signing bonus, and potential bonuses and restricted stock awards tied to performance metrics. The inclusion of a change of control agreement and severance provisions are standard for executive hires and provide insights into the company's approach to executive retention and transitions. This filing indicates a strengthening of the finance function with the addition of an experienced executive.

Key Highlights

  • 1K. Douglas Ralph appointed as the new Chief Financial Officer (CFO) effective July 9, 2007.
  • 2Mr. Ralph brings significant financial leadership experience from previous roles at Foamex International and Procter & Gamble.
  • 3His compensation includes a base salary of $380,000, a $50,000 signing bonus, and performance-based bonuses and restricted stock awards.
  • 4Performance metrics for bonuses and stock awards are linked to earnings per share (EPS) and return on net assets (RONA).
  • 5Mr. Ralph will receive 2,500 restricted shares vesting in July 2010.
  • 6He will be eligible for a change of control agreement and a severance payment equivalent to one year's salary in case of termination without cause.
  • 7Richard L. Simons will return to his role as Vice President and Corporate Controller, stepping down as interim CFO.

Frequently Asked Questions

The new CFO of Carpenter Technology Corp is K. Douglas Ralph, effective July 9, 2007. He will also serve as Senior Vice President - Finance.

Mr. Ralph has extensive experience, most recently serving as Executive Vice President and Chief Financial Officer at Foamex International, Inc. Prior to that, he spent 21 years as a financial executive at Procter & Gamble Company.

Mr. Ralph's compensation includes a base salary of $380,000 per year, a one-time signing bonus of $50,000, and eligibility for an annual bonus plan and restricted stock awards. He will also receive 2,500 shares of restricted stock vesting in July 2010.

Mr. Ralph's performance-based bonuses and restricted stock awards are targeted based on achievements in earnings per share (EPS) and return on net assets (RONA), along with personal performance goals.