Kennametal Names Ronald DeFeo CEO

Kennametal Inc. on Thursday named veteran board member Ronald DeFeo chief executive, effective immediately, succeeding Donald Nolan.

Mr. Nolan, who had been CEO since November 2014, has left the company to pursue other interests.

Shares, which have fallen 30% over the past three months, shot up 11% to $19.48 in recent trading.

"We have determined a change in leadership is necessary," said Chairman Lawrence Stranghoener.

Mr. DeFeo, who has been on the board since 2001, served as CEO of machinery and industrial products manufacturer Terex Corp. for two decades until retiring last year. Before joining Terex, Mr. DeFeo held positions at J.I. Case Co. and Procter & Gamble Co. for 10 years.

Kennametal on Wednesday cut its earnings guidance for the year while reporting fiscal second-quarter results, with Mr. Nolan saying, "We are clearly operating in an environment where some of our key end markets are under significant pressure."

On Thursday, Mr. Stranghoener called Mr. Nolan "a necessary change agent through a period of significant turmoil and uncertainty."

Write to Anne Steele at [e-mail]

(END) Dow Jones Newswires

February 04, 2016 11:45 ET (16:45 GMT)

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