Kennametal Inc. today announced that its Board of Directors has elected Carlos M. Cardoso, 47, to the position of President and Chief Executive Officer effective January 1, 2006. He will join the Company's Board at that time. Cardoso was elected Executive Vice President and Chief Operating Officer in January 2005 and, since that date, has been responsible for all of the company's manufacturing operations. Markos I. Tambakeras will step down as President and CEO and assume the role of Executive Chairman for Kennametal's Board of Directors, also effective January 1, 2006, for a one-year term.
Mr. Cardoso joined Kennametal in April 2003 as a Vice President and as President of the Metalworking Solutions and Services Group and served in that capacity until his election as Executive Vice President and Chief Operating Officer of Kennametal. As a key executive, he has successfully directed the company's industrial businesses toward sustained revenue growth, increased market share and profitability.
"Carlos has contributed significantly in our journey to transform Kennametal into a premier organization that delivers exceptional value to our shareowners and customers" said Markos Tambakeras. "Our strong management team, the full deployment of the Kennametal Value Business System and Carlos' extensive experience in the industry will ensure the continued successful execution of our transformational strategy. After having served in the position for the last six plus years, I believe that it is time for Carlos to step up to the position of CEO and, for personal reasons, it is time for me to step down."
"The announcements that are being made today are consistent with the company's long-term succession planning," said Bill Newlin, Lead Director. "This decision reflects the Board's confidence that Carlos has the requisite competence, integrity and dedication to become the Company's next CEO. For more than six years, Markos has proven himself to be an exceptional leader who has led the transformation of Kennametal to a high-performing global company. As Executive Chairman of the Board, he will focus his time and attention on strategic issues and acquisitions and divestitures. We are fortunate to have Carlos as our next CEO and we are pleased with our plan for a seamless leadership transition."
"I am honored that the Board has placed its confidence in me and look forward with energy and optimism to leading Kennametal and its 14,000 talented and dedicated employees," said Carlos Cardoso.
Mr. Markos I. Tambakeras, Lead Director William R. Newlin and other company executives will discuss the Board's decision in a live Internet broadcast at 9:00 a.m., Eastern Time, on Wednesday, December 7, 2005. The event will be broadcast live on the company's website, www.kennametal.com. Once on the home page, just click on "Corporate," and then click "Investor Relations."
Kennametal Inc. is a leading global supplier of tooling, engineered components and advanced materials consumed in production processes. The company improves customers' competitiveness by providing superior economic returns through the delivery of application knowledge and advanced technology to master the toughest of materials application demands. Companies producing everything from airframes to coal, from medical implants to oil wells and from turbochargers to motorcycle parts recognize Kennametal for extraordinary contributions to their value chains. Customers buy over $2.3 billion annually of Kennametal products and services - delivered by our 14,000 talented employees in over 60 countries - with almost 50 percent of these revenues coming from outside the United States. Visit us at www.kennametal.com [KMT-G]
Carlos M. Cardoso Chief Operating Officer Executive Vice President, Kennametal Inc.
Carlos M. Cardoso is Executive Vice President and Chief Operating Officer of Kennametal Inc. In this role, Mr. Cardoso is responsible for Kennametal's Metalworking Solutions and Services and Advanced Materials Solutions businesses.
Prior to joining Kennametal, Mr. Cardoso served as President of the $1.3 billion Pump Division of Flowserve Corporation. Previously, he spent over six years with Allied Signal (which became Honeywell), where he had progressively greater responsibility for various industrial businesses, including the $1.4 billion Engine Systems and Accessories division.
Prior to Allied Signal, Mr. Cardoso was Vice President Manufacturing Operations for Colt Manufacturing Company in Hartford, Conn. Earlier in his career, he held various engineering, manufacturing and management positions with International Nickel Corporation and Caval Tool & Machine Company. He began his career as the owner and operator of a machine shop.
Mr. Cardoso earned a bachelor's degree from Fairfield University in Fairfield, Conn., and a master's degree from the Hartford Graduate Center. He has two grown sons who live in Arizona and attend Arizona State University. Kennametal Inc. is a leading global supplier of tooling, engineered components and advanced materials consumed in production processes. The company improves customers' competitiveness by providing superior economic returns through the delivery of application knowledge and advanced technology to master the toughest of materials application demands. Companies producing everything from airframes to coal, from medical implants to oil wells and from turbochargers to motorcycle parts recognize Kennametal for extraordinary contributions to their value chains. Customers buy over $2 billion annually of Kennametal products and services -- delivered by our 14,000 talented employees in over 60 countries -- with almost 50 percent of these revenues coming from outside the United States. Visit us at www.Kennametal.comPhoto: NewsCom: http://www.newscom.com/cgi-bin/prnh/20051206/CLTU074
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SOURCE: Kennametal Inc.
CONTACT: Investor Relations, Quynh McGuire, +1-724-539-6559, or Media
Relations, Joy Chandler, +1-724-539-4618, both of Kennametal Inc.
Web site: http://www.kennametal.com/