8-KLeadership Changes

CARPENTER TECHNOLOGY CORP 8-K Report, Executive Changes (Aug 23, 2010)

Filed August 23, 2010For Securities:CRS

Summary

This Form 8-K filing from Carpenter Technology Corporation (CRS), dated August 23, 2010, primarily concerns personnel changes and executive compensation related to the transition of leadership. The key event reported is the Board of Directors' recognition of Gregory A. Pratt's performance as Non-Executive Chairman and Interim President and CEO. In appreciation of his efforts during the transition to the new CEO, William A. Wulfsohn, Pratt's service during July and August 2010 will count as 'Interim Service' for vesting purposes of two non-qualified stock options. Furthermore, Pratt earned the maximum number of performance-based restricted stock units for fiscal year 2010, and the required additional service period for vesting of these units has been reduced by one month.

Key Highlights

  • 1Gregory A. Pratt's service as Interim President and CEO from July-August 2010 is being recognized for stock option vesting.
  • 2Two non-qualified stock options awarded to Pratt will have their vesting terms adjusted due to his interim leadership role.
  • 3Pratt earned the maximum number of performance-based restricted stock units for fiscal year 2010.
  • 4The service requirement for vesting of Pratt's performance-based restricted stock units has been reduced by one month.
  • 5The Board and Human Resources Committee evaluated Pratt's performance positively against stated objectives.
  • 6These adjustments are in recognition of Pratt's efforts in facilitating a smooth CEO transition to William A. Wulfsohn.

Frequently Asked Questions

This 8-K filing details executive compensation adjustments made by Carpenter Technology Corporation's Board of Directors and Human Resources Committee to recognize the performance and efforts of Gregory A. Pratt during his tenure as Interim President and CEO and in facilitating the transition to the new CEO, William A. Wulfsohn.

Pratt's service during July and August 2010 will be counted as 'Interim Service' for the vesting of two previously awarded non-qualified stock options. This recognition is a result of his performance and commitment during the CEO transition period.

Based on the company's fiscal year 2010 business goals and the committee's evaluation of his performance, Pratt earned the maximum number of performance-based restricted stock units. The required additional service period for these units to vest has also been shortened by one month.

While this filing doesn't announce a new CEO appointment, it specifically addresses the actions taken regarding the Interim President and CEO, Gregory A. Pratt, and acknowledges the transition to a new Chief Executive Officer, William A. Wulfsohn.