Carlos Cardoso, Kennametal chairman, president and CEO — the Latrobe tool maker’s top executive since 2006 — said Tuesday he will retire Dec. 31.
In a statement released by the company, Mr. Cardoso, 56, stated that seven to 10 years is the optimum length of service for a CEO to manage most effectively and that he has worked with the company on a succession plan.
Internal and external candidates will be considered, the company said.
During his time at Kennametal, Mr. Cardoso has been an advocate of manufacturing and of educating students to prepare them for a career in the industry. He championed those causes as past chairman of the Manufacturers Alliance for Productivity and Innovation, a director of the National Association of Manufacturers and member of the U.S. Department of Commerce Manufacturing Council.
At Kennametal, Mr. Cardoso implemented programs at high schools in Latrobe and Solon, Ohio, that give students hands-on manufacturing experience. Kennametal has plants in both communities.
In response to an emailed question, Mr. Cardoso said he will continue to advocate for those causes when he leaves Kennametal.
Mr. Cardoso held positions at Flowserve, Honeywell International and Colt’s Manufacturing before joining Kennametal in 2003 as head of its metalworking solutions and services business. He was named COO in 2005 and promoted to president and CEO the following year. He has been chairman since 2008.
He received compensation of $5.8 million for the fiscal year that ended in June 2013. Kennametal is expected to disclose pay figures for the most recently completed fiscal year next month when it files its proxy statement for its annual shareholder meeting.
Mr. Cardoso regularly posts on Twitter, where he has more than 800 followers. While many of his Tweets are about manufacturing and the state of the economy, he also comments on car racing and soccer, two of his loves. He received a soccer scholarship from Connecticut’s Fairfield University, where he earned a degree in business administration.
Kennametal shares closed Tuesday at $45.25, up $1.95. Investors have realized annualized returns, including dividends, of about 8.7 percent since Mr. Cardoso became president and CEO.
Len Boselovic: 412-263-1941 or firstname.lastname@example.org First Published August 19, 2014 8:57 AM