Carpenter Technology appoints new Chief Financial Officer
August 14, 2018
Carpenter Technology Corporation, a producer and distributor of specialty alloys including titanium alloys, nickel and cobalt-based superalloys, stainless steels, alloy steels and tool steels, has appointed Timothy Lain as its new Vice President and Chief Financial Officer, effective September 14, 2018. Lain will succeed Damon Audia, who is said to be leaving the company to pursue another role.
According to Carpenter, Lain has offers more than twenty years of financial experience including eleven years at Carpenter, where he has served as Vice President – Controller & Chief Accounting Officer, since June 2013. In this role, he is said to have been responsible for all aspects of the company’s technical accounting and reporting matters, and has participated broadly in the financial and strategic management of the company. From June 2015 to October 2015, he served as Acting Chief Financial Officer.
As CFO, he will continue to execute the company’s overall financial strategy, including cost management, capital allocation and balance sheet optimisation. He holds a Bachelor’s Degree in Accounting from the Fox School of Business at Temple University and, prior to joining Carpenter, served as Audit Director at McGladrey & Pullen.
Tony Thene, Chief Executive Officer of Carpenter Technology, stated, “This CFO transition reflects our commitment to ensuring that Carpenter has world-class leaders to support the company as we grow and evolve as a leading solutions provider. Tim’s knowledge of Carpenter and his experience serving as the Acting CFO in the past make him well suited to serve as our new CFO. We are pleased to benefit from his knowledge and expertise.”
“On behalf of the company, I want to thank Damon for his significant contributions and his willingness to stay on until September 14, 2018 to ensure a smooth transition. He has helped position the company for continued growth, and we wish him the best in his future endeavours,” he concluded.