8-KLeadership Changes

CARPENTER TECHNOLOGY CORP 8-K Report, Executive Changes (Feb 14, 2008)

Filed February 14, 2008For Securities:CRS

Summary

Carpenter Technology Corporation (CRS) has reported a significant change in its financial leadership. Effective February 8, 2008, Richard L. Simons resigned from his role as Vice President and Corporate Controller (Chief Accounting Officer) to pursue an opportunity at another public company. This departure necessitates a transition in accounting oversight. In response, the Board of Directors has appointed Thomas F. Cramsey to fill the vacant Chief Accounting Officer position. Mr. Cramsey, a 20-year veteran of Carpenter with a strong accounting background and CPA certification, most recently served as Assistant Treasurer. His appointment includes a standard compensation package with restricted stock, severance and indemnification agreements, and eligibility for the Supplemental Retirement Plan for Executives. Investors should monitor the integration of Mr. Cramsey into this key role and any potential impact on financial reporting and strategy.

Key Highlights

  • 1Richard L. Simons, Vice President and Corporate Controller (Chief Accounting Officer), has resigned.
  • 2Mr. Simons' resignation was effective February 8, 2008.
  • 3Mr. Simons is moving to a senior position at another public company.
  • 4Thomas F. Cramsey has been appointed as the new Vice President and Chief Accounting Officer.
  • 5Mr. Cramsey has 20 years of experience within Carpenter Technology's corporate accounting department.
  • 6Mr. Cramsey's compensation package includes restricted stock, severance, and indemnification agreements.
  • 7Mr. Cramsey is now eligible to participate in the company's Supplemental Retirement Plan for Executives.

Frequently Asked Questions

Richard L. Simons resigned to accept a senior position at another public company.

Thomas F. Cramsey has been appointed as the new Vice President and Chief Accounting Officer.

Mr. Cramsey has a Bachelor's degree in Accounting, is a Certified Public Accountant (CPA), and has been with Carpenter Technology for twenty years, holding various management positions in corporate accounting, most recently as Assistant Treasurer.

Mr. Cramsey received a compensation and benefit package that includes a grant of restricted stock, a severance agreement, an indemnification agreement, and eligibility for the Supplemental Retirement Plan for Executives.