15.02.2016

New company for Ron Defeo

Ex-Terex chief executive Ron Defeo has taken up a new full time job as chief executive of Kennametal, which makes cutting and drilling tools for the oil & gas industry.

Defeo retired from Terex at the start of November, handing over to John Garrison, and moving to the post of executive chairman until the end of the year. The plan was then to remain on board as a consultant for a further year as he established a consulting practice, he is 63.
See Defeo to retire
However it looks as though he has decided to move back into a full time role instead, working with the Latrobe, Pennsylvania based manufacturer which also serves the mining and road construction industries.

Defeo is no stranger to Kennametal, he has been a non-executive director since 2001, and succeeds Donald Nolan, 55, who was appointed just over a year ago. Defeo said that his appointment came about after the board of directors decided it needed a new chief executive asked him to step into the role and that he did not apply or lobby for the job.
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Ron Defeo

Kennametal chairman Lawrence Stranghoener said: “We have determined a change in leadership is necessary and are pleased that Ron will step into this role. Ron is a highly experienced chief executive 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.”

One criticism levelled at Nolan was his lack of communication with the market - analysts and major shareholders etc... Ron Defeo is a master in this role, should quickly improve this part of the company's performance.