The board of directors of Kennametal Inc. has announced the appointment of Ronald M DeFeo as the company’s new President and Chief Executive Officer (CEO). DeFeo replaces Donald Nolan, who has left the company to pursue other interests after serving as President and CEO since November 2014.
“We have determined a change in leadership is necessary and are pleased that Ron will step into this role,” stated Kennametal Chairman of the Board of Directors Lawrence W Stranghoener. “Ron is a highly experienced CEO who will bring much wisdom, experience and passion for Kennametal. He will sharpen our focus, prioritise our results, and motivate, engage, and empower our people to produce the financial results that are expected of an industry leader like Kennametal. We appreciate Don Nolan’s service. He was a necessary change agent through a period of significant turmoil and uncertainty.”
A Kennametal board member since 2001, DeFeo served as the Chairman of the Board and Chief Executive Officer of Terex Corporation, a global manufacturer of machinery and industrial products, from March 1998 and March 1995, respectively, until his retirement from the company at the end of 2015. He joined Terex in 1992.
“As a 14-year member of the Kennametal board, I know what the company and its people are capable of achieving,” DeFeo stated. “I’m excited about the potential embedded in Kennametal and with over 20 years of CEO experience, I am excited to get to work on behalf of Kennametal’s employees, customers, and shareholders. I am confident in what we can accomplish together.”