Newly Appointed Steel CEO Dies Suddenly After Three Weeks on Job
Carpenter Technology Corp. announced the unexpected death of CEO Brian Malloy, 59, just weeks after he assumed leadership of the $3 billion company.
Brian Malloy, the 59-year-old CEO of Carpenter Technology Corp., died unexpectedly on Friday, the Philadelphia-based steel company announced Monday. Malloy had been in the top role for just three weeks, having taken over as chief executive on July 1.
The company, which designs stainless steel alloys for the aerospace, medical, and military sectors, did not provide a cause of death. Malloy was scheduled to present the company's financial results to investors on Thursday, a call that will proceed as planned.
Following the news of Malloy's death, Carpenter Technology Corp. shares fell approximately 4.6% in Monday trading. Tony Thene, who led the firm since 2015, will return to his former position as CEO, the company stated.
“We are deeply saddened by Brian’s passing. Over the past decade, Brian made significant contributions to Carpenter Technology and was a respected leader with a strong commitment to performance, operational excellence, and the Company’s long-term success,” the Board of Directors said in a statement. “We extend our deepest sympathies to Brian’s family and loved ones during this difficult time.”
Malloy joined Carpenter Technology in 2015. He is survived by his wife, Luiza, and their three children. The company, founded in 1889, employs over 4,500 people.