Kennametal CEO Ron De Feo hands over to Chris Rossi

  • After about a year and a half on the job
  • Accolades and thanks for De Feo
  • De Feo will remain as executive chairman at Kennametal
  • De Feo said 50 words

(exechange) — Pittsburgh, Pennsylvania, June 29, 2017 — Ron De Feo, chief executive of Kennametal, hands over the reins. It is a change at short notice. As announced by Kennametal Inc. in a news release on Thursday, June 29, 2017, Ronald M. (Ron) De Feo leaves the post as chief executive officer at the supplier of tooling and industrial materials after about a year and a half on the job, effective August 01, 2017.

De Feo’s duties are taken over by Chris Rossi, most recently chief executive officer at Dresser-Rand.

The fact that De Feo’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

No reason given

In the announcement, Kennametal did not explicitly explain the reason for De Feo’s imminent move.

De Feo will remain as executive chairman at Kennametal

“Chris succeeds Ron De Feo whom the board has appointed executive chairman of the board,” Kennametal said.

Share price rise since January 2016

The change follows a rise in the share price of Kennametal Inc. since January 2016.

Chaired by Lawrence W. Stranghoener

Kennametal Inc. is chaired by Lawrence W. Stranghoener.

On the job as CEO since 2016

De Feo is the President and Chief Executive Officer and a member of the Board of Directors of Kennametal Inc., positions he has held since February 2016 and November 2001, respectively.

Previously, De Feo served as the Chairman of the Board and Chief Executive Officer of Terex Corporation (a global manufacturer of machinery and industrial products), having served in those positions from March 1998 and March 1995, respectively through December 31, 2015.

From October 1993 through December 2006, De Feo was also the President and Chief Operating Officer of Terex.

He joined Terex in 1992 as the President of the Heavy Equipment Group and later assumed responsibility for Terex’s former Clark Material Handling Company subsidiary.

Before joining Terex, De Feo was a Senior Vice President of J.I. Case Company, the former Tenneco farm and construction equipment division and also served as a Managing Director of Case Construction Equipment throughout Europe.

While at J.I. Case Company, De Feo was also a Vice President of North American Construction Equipment Sales and General Manager of Retail Operations.

De Feo serves as a Trustee for Iona College and also serves on the Board of the Association of Equipment Manufacture and as Chairman of Bridgeport Hospital Foundation, a term which ends in 2016.

De Feo holds a bachelor’s of arts degree in Economics and Philosophy from Iona College.

Read the full story in the exechange report 27.2017 ($).