Kennametal CEO to retire; replacement named
Kennametal Inc.’s top officer will retire and the president of its metal cutting segment will take charge of the global corporation that generated almost $2.1 billion in sales in its 2023 fiscal year, the Pittsburgh-based company said.
Sanjay Chowbey, a Kennametal vice president, will succeed Christopher Rossi, who decided to retire effective May 31 after almost seven years as the company’s president and CEO. Kennametal’s board unanimously appointed Chowbey to take over the corporation’s top post effective June 1.
Kennametal, which started in Latrobe and has a corporate office in Unity, makes cutting tools across a variety of industries, including aerospace and defense, earthworks, energy, general engineering and transportation.
During Rossi’s tenure as Kennametal’s CEO, the company underwent what it called a simplification and modernization strategy that included closing plants and reducing its global workforce. One of the victims of the strategy was its Carbide plant along Arona Road in Hempfield, which closed at the end of 2019, resulting in a loss of 60 jobs.
Rossi took over the company in August 2017, from Ronald DeFeo, who was named CEO in February 2016. Kennametal had 10,700 employees, of which 3,500 were in the U.S., according to its 2017 annual report. By the publication of its 2023 annual report last year, Kennametal had 8,700 employees in close to 100 countries.
Kennametal reported $2.08 billion in sales in the fiscal year that ended in June 30 up from $2.01 billion in fiscal year 2022.
”Chris led the company through the challenges of covid-19, drove a significant and lasting cultural transformation, and improved the underlying performance of the business,” said William M. Lambert, board chairman.
Chowbey joined Kennametal in 2021 as president of its metal cutting segment. The business has grown its customer base, consistently delivered sales growth, expanded its operating margins, launched more than 20 new products and improved employee engagement, the company said.
Kennametal revealed its leadership change shortly after the stock market closed at 4 p.m. Thursday. Kennametal’s shares closed at $23.81, down $1.15 from Wednesday’s closing price.
In the past 52 weeks, Kennametal’s stock reached a high of $30.60 on July 31, but dropped to a low of $22.08 on Nov. 1.
Joe Napsha is a TribLive reporter covering Irwin, North Huntingdon and the Norwin School District. He also writes about business issues. He grew up on Neville Island and has worked at the Trib since the early 1980s. He can be reached at jnapsha@triblive.com.
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