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PHILADELPHIA - Carpenter Technology Corporation (NYSE:CRS), which has delivered an impressive 52% return year-to-date and maintains a "GREAT" financial health rating according to InvestingPro, announced Wednesday a series of leadership changes as part of its succession plans for the Board of Directors.
Tony R. Thene, the company’s current President and Chief Executive Officer, will assume the additional role of Chairman of the Board effective October 7, 2025, immediately before the 2025 Annual Stockholders Meeting.
Thene, who has served as President and CEO for the past decade, will succeed I. Martin Inglis, who has decided not to seek reelection when his term expires. Inglis has been Chairman since 2021 and a board member since 2003.
In a related move, Brian Malloy, currently Senior Vice President and Chief Operating Officer, will be promoted to President and Chief Operating Officer, taking over the presidential duties from Thene on the same date. Malloy joined the specialty materials company in August 2015 and was appointed to his current role in December 2023.
The board also elected Steven M. Ward as Lead Independent Director, effective October 7. Ward currently chairs the Corporate Governance Committee and has served on the board since 2001.
Carpenter Technology, founded in 1889, specializes in high-performance specialty alloy materials and process solutions for aerospace, defense, medical, transportation, energy, and industrial markets.
The leadership changes were announced in a company press release statement.
In other recent news, Carpenter Technology Corporation reported its fourth-quarter earnings for fiscal year 2025, exceeding analysts’ expectations with an earnings per share (EPS) of $2.21, compared to the forecasted $2.06. This represents a 7.28% surprise in EPS. However, the company experienced a revenue shortfall, reporting $755.6 million against a forecast of $790.79 million, marking a 4.45% deficit. Despite the revenue miss, the company’s stock showed resilience in pre-market trading. These developments reflect the mixed financial performance of Carpenter Technology, with strong earnings but weaker-than-expected revenue figures. No recent analyst upgrades or downgrades were reported for the company. Investors are closely monitoring these financial results as they assess the company’s performance.
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