Kennametal Inc, headquartered in Latrobe, Pennsylvania, USA, has announced that Carlos Cardoso, the company’s Chairman, President and CEO, will retire on December 31, 2014. Kennametal’s board of directors has commenced its search for Cardoso’s successor, which is expected to be announced before the end of the year.
Cardoso has served as Kennametal president and CEO since January 2006, and was elected chairman two years later. He joined the company in April 2003 as president of its Metalworking Solutions and Services Group and subsequently was appointed executive Vice President and Chief Operating Officer.
“Carlos Cardoso has served well as a strong leader through an important time in the company’s history,” stated Kennametal Lead Director William R Newlin, chairman of Newlin Investment LLC. “We appreciate the efforts Carlos has made on behalf of the company and look forward to working together with him to achieve a smooth transition in leadership.”
“I’ve often said to our employees and publicly that seven to ten years is the optimum time period for a Chief Executive to manage most effectively. With this in mind, I’ve worked regularly with the board on management succession,” stated Cardoso. “Everyone at Kennametal has worked very hard in recent years to establish a good long-range plan, solid strategies, and we now have a complete and effective management team in place. With that in mind, this has emerged as the best time to engage in a smooth leadership transition.”