Business Context and Reporting Period
This Form 8-K Current Report was filed by Carpenter Technology Corporation on February 14, 2008. The filing addresses Item 5.02 regarding the departure of a senior officer and the appointment of a replacement, effective February 8, 2008.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Departure: Richard L. Simons voluntarily resigned as Vice President and Corporate Controller (Chief Accounting Officer) to accept a senior position with another public company.
- Appointment: Thomas F. Cramsey was appointed as Vice President and Chief Accounting Officer.
- Successor Profile: Mr. Cramsey, age 47, is a Certified Public Accountant with a Bachelor's degree in Accounting. He has been with Carpenter Technology for twenty years, most recently serving as Assistant Treasurer.
Guidance, Outlook, and Compensation
The filing contains no guidance, outlook, management commentary on business risks, or discussion of unusual items. Regarding the new appointment, Mr. Cramsey received a compensation package approved by the Company, which includes:
- A grant of restricted stock.
- A severance agreement and indemnification agreement in standard forms applicable to other officers.
- Eligibility to participate in the Supplemental Retirement Plan for Executives.
Investor Verification Checklist
- Verify the effective date of the leadership transition (February 8, 2008).
- Confirm the tenure and prior role of the new Chief Accounting Officer, Thomas F. Cramsey.
- Review the specific terms of the restricted stock grant and severance agreement if detailed in subsequent filings or proxy statements.
- Note that this filing does not impact reported financial metrics for the period.