8-KLeadership ChangesExhibits & Filings

CARPENTER TECHNOLOGY CORP 8-K Report, Executive Changes (Feb 5, 2009)

Filed February 5, 2009For Securities:CRS

Summary

Carpenter Technology Corp. (CRS) announced on February 5, 2009, the retirement of Dr. Sunil Y. Widge as Senior Vice President and Chief Technology Officer, effective January 31, 2009. Dr. Widge, who served the company for 32 years and was a Named Executive Officer, will continue to provide technical consulting services to the company as Chief Technology Officer Emeritus for a period of thirty-six months following his retirement. This transition includes a formal Consulting Agreement detailing Dr. Widge's responsibilities and compensation. Investors should note the financial commitment made by the company for these consulting services, which includes an initial payment of $330,000 and subsequent monthly payments of $35,571. This arrangement is intended to ensure continuity in technical expertise during the post-retirement transition period.

Key Highlights

  • 1Retirement of Dr. Sunil Y. Widge as SVP and Chief Technology Officer after 32 years of service.
  • 2Dr. Widge to serve as Chief Technology Officer Emeritus, providing consulting services for 36 months post-retirement.
  • 3A Consulting Agreement has been executed with Dr. Widge, outlining terms of service.
  • 4The company will pay Dr. Widge $330,000 initially for consulting services.
  • 5Monthly payments of $35,571 will be made to Dr. Widge throughout the 36-month consulting period.
  • 6The Consulting Agreement terminates on January 31, 2012.
  • 7The Consulting Agreement is filed as Exhibit 10.1 to the 8-K filing.

Frequently Asked Questions

The company will incur costs related to Dr. Widge's consulting services. This includes an initial payment of $330,000 and monthly payments of $35,571 for 36 months, totaling approximately $1,610,556 in compensation for his advisory role.

The company is leveraging Dr. Widge's extensive 32-year tenure and deep technical knowledge by retaining him as Chief Technology Officer Emeritus. This ensures a smooth transition and continued access to his expertise in critical technology matters.

The Consulting Agreement is set to terminate on January 31, 2012, after Dr. Widge has provided consulting services for thirty-six months following his official retirement date of January 31, 2009.

Dr. Widge was a Named Executive Officer for fiscal year 2008 and the current fiscal year until his retirement. While he is no longer an officer, he will continue to provide consulting services in a specialized advisory capacity.