8-KLeadership ChangesExhibits & Filings

CARPENTER TECHNOLOGY CORP 8-K Report, Executive Changes (Aug 8, 2018)

Filed August 8, 2018For Securities:CRS

Summary

Carpenter Technology Corporation (CRS) announced a significant leadership change via an 8-K filing on August 8, 2018. Damon J. Audia resigned as Senior Vice President and Chief Financial Officer, with his departure effective September 14, 2018. This transition marks the end of Mr. Audia's tenure in a critical financial role for the company. Concurrently, the company has appointed Timothy F. Lain as the new Vice President and Chief Financial Officer, also effective September 14, 2018. Mr. Lain is a seasoned executive within CRS, having served as Vice President-Controller and Chief Accounting Officer since 2013, and previously acted as interim CFO. His appointment reflects an internal promotion, leveraging his deep understanding of the company's financial operations and accounting. Investors should monitor the company's performance under Mr. Lain's financial stewardship.

Key Highlights

  • 1Damon J. Audia resigned as Senior Vice President and Chief Financial Officer, effective September 14, 2018.
  • 2Timothy F. Lain appointed as the new Vice President and Chief Financial Officer, effective September 14, 2018.
  • 3Mr. Lain has prior experience as the Company's acting Chief Financial Officer (May-Oct 2015).
  • 4Mr. Lain's annual base salary will be $400,000.
  • 5He is eligible for a target cash bonus of 55% of his salary and annual equity grants valued at approximately $400,000.
  • 6Mr. Lain's appointment is effective on the same date as Mr. Audia's departure, indicating a smooth succession plan.
  • 7The company also filed the Offer Letter for Mr. Lain's appointment as an exhibit.

Frequently Asked Questions

The 8-K filing states Damon J. Audia resigned as Senior Vice President and Chief Financial Officer. However, the filing does not provide specific reasons for his departure. Such details are often not disclosed in an 8-K for executive changes.

Timothy F. Lain has a strong internal background with Carpenter Technology. He has been the Vice President-Controller and Chief Accounting Officer since June 2013 and was part of the senior leadership team. Notably, he also served as the Company's acting Chief Financial Officer from May 2015 to October 2015. He joined the company in 2007 and is a Certified Public Accountant.

Timothy F. Lain will receive an annual base salary of $400,000. He is also eligible for the Executive Bonus Compensation Plan with a target bonus of 55% of his salary and annual equity grants anticipated to be valued at approximately $400,000. He will also participate in standard executive benefit and severance plans.

Yes, Timothy F. Lain's appointment is an internal promotion, as he has held significant financial roles within Carpenter Technology, including serving as acting CFO. This suggests a focus on continuity and leveraging existing expertise within the company's financial operations, which can be viewed positively by investors.