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Posted 09 June, 2022

KENNAMETAL INC appointed new CEO

CEO Change detected for ticker NYSE:KMT in a 8-K filed on 09 June, 2022.


  In connection with the departure of Mr. Audia, the Board of Directors (the "Board") of the Company elected Patrick S. Watson, on June 7, 2022, to serve as Vice President and Chief Financial Officer, effective June 9, 2022. Mr. Watson will report to Kennametal President and Chief Executive Officer, Christopher Rossi.  

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Overview of KENNAMETAL INC
Industrial Goods • Industrial Machinery
Kennametal, Inc. engages in the manufacturing of tungsten carbide metal cutting tooling. It operates through the Metal Cutting and Infrastructure segments. The Metal Cutting segment develops and manufactures tooling and metal cutting products and services. The Infrastructure segment produces engineered tungsten carbide and ceramic components, earth-cutting tools, and advanced metallurgical powders. The company was founded by Philip M. McKenna in 1938 and is headquartered in Pittsburgh, PA.
Market Cap
$1.98B
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KENNAMETAL INC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

On June 3, 2022, Mr. Damon Audia, Vice President and Chief Financial Officer, notified Kennametal Inc. ("Kennametal" or the "Company") of his resignation from the Company to pursue another opportunity. 

In connection with the departure of Mr. Audia, the Board of Directors (the "Board") of the Company elected Patrick S. Watson, on June 7, 2022, to serve as Vice President and Chief Financial Officer, effective June 9, 2022. Mr. Watson will report to Kennametal President and Chief Executive Officer, Christopher Rossi. Mr. Watson, age 49, currently serves as the Company's Vice President Supply Chain and Logistics and Vice President Finance and Corporate Controller. He will continue in his role as Corporate Controller until that position is filled. Mr. Watson has 18 years of global financial, M&A and supply chain leadership experience with Kennametal. He has served as the Vice President Finance and Corporate Controller since March 2017, Vice President Finance for the Metal Cutting Business Segment (previously Industrial Business Segment) from March 2014 to February 2017, and prior to this in other various roles of increasing responsibility in the Company.

Mr. Watson, under his position as Vice President and Corporate Controller, has an indemnification agreement and an officer's employment agreement with the Company in the forms previously approved by the Board. These agreements will remain in place with his new role of Vice President and Chief Financial Officer.

In connection with his appointment as Vice President and Chief Financial Officer, Mr. Watson will be entitled to the following:

-Annual base salary of $400,000.

-Participation in the Company's Long Term Incentive Plan ("LTIP") with a grant to be made under the Kennametal Inc. Stock and Incentive Plan of 2020 (the "2020 Plan") on or about August 15, 2022 with a total value of $400,000, consisting of (i) Restricted Stock Units ("RSU's") in the amount of $160,000 which will vest in equal parts over a 3 year period, with one-third vesting on each anniversary date of the grant; and (ii) Performance Stock Units ("PSU's") in the amount of $240,000 which cliff vest on the third grant date anniversary subject to the achievement of certain Kennametal performance measures in each of the three years in the term.

-Participation in the Company's Annual Incentive Plan with a target bonus for fiscal year 2023 of 60% of annual base salary.

-Participation in all general employee benefit plans and programs as well as participation in any plans and programs for executives.