The board of directors of Kennametal Inc., Pittsburgh, Pa. have announced the appointment of board member Ronald M. DeFeo as the company’s president and chief executive officer effective immediately. DeFeo replaces Donald Nolan, who has left the company to pursue other interests after serving as president and CEO since Nov. 17, 2014.
A Kennametal board member since 2001, DeFeo served as the chairman of the board and chief executive officer of Terex Corp. until his retirement from the company at the end of 2015. He joined Terex in 1992.
“We have determined a change in leadership is necessary and are pleased that Ron will step into this role,” said 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, prioritize our results, and motivate, engage, and empower our people to produce the financial results that are expected of an industry leader like Kennametal.”
Before joining Terex, DeFeo was a senior vice president of J.I. Case Co., and also served as a managing director of Case Construction Equipment throughout Europe.
Aside from DeFeo, Kennametal’s board also includes six independent directors; Stranghoener; Cindy L. Davis; Philip A. Dur; William J. Harvey; Timothy R. McLevish; and Steven H. Wunning.
Kennametal Inc. is involved in materials science, tooling and wear-resistant solutions primarily in the aerospace, earthworks, energy, general engineering and transportation markets. The company has nearly 12,000 employees in more than 60 countries and generated more than $2.6 billion in revenues in fiscal 2015.