(By Balaseshan) Carpenter Technology Corp. (NYSE:CRS), which produces and distributes specialty alloys, said its senior vice president and finance chief Douglas Ralph will leave the company at the end of August 2013.
The company said Ralph and his wife, Maureen, have made the decision to move full-time to South Carolina, where Ralph will retire from the day-to-day professional life that he has known for the past 30 years.
"I am fortunate to have the ability to make the personal decision to leave the workforce early so as to enjoy other aspects of my life. Working at Carpenter has been a great experience and I want to ensure there is a smooth transition of my responsibilities before I leave. While excited for my future, it is difficult to leave Carpenter," said Ralph.
Ralph will continue in his current role through the hiring and orientation of a new Chief Financial Officer, remaining with the company to support a seamless transition. The company has begun a search to identify a successor.
"While we will miss Doug, we are happy for him as he moves forward into the next phase of his life. I and the rest of the Carpenter team appreciate Doug's commitment to ensure a smooth transition and are thankful for his many outstanding contributions during his tenure," said Bill Wulfsohn, Chief Executive Officer of Carpenter.
Carpenter Technology is engaged in the manufacturing, fabrication and distribution of specialty metals. It has two segments: Advanced Metals Operations and Premium Alloys Operations.
CRS closed Thursday's regular session up 2.16% at $48.30. The stock has been trading between $39.32 and $60 for the past 52 weeks.