Brian Malloy, the newly appointed chief executive of Carpenter Technology Corporation, has died suddenly at the age of 59, the US steel manufacturer announced on Monday. The Philadelphia-based company, which supplies high-performance alloys to aerospace, medical and defence sectors, provided no details about the cause of death.
Leadership change follows unexpected CEO death
Malloy, who took over as CEO on 1 July, passed away on Friday, just three weeks into his tenure. His predecessor, Tony Thene, who had led the firm since 2015, will immediately resume the role, the company confirmed in a statement. Carpenter Technology employs more than 4,500 people and reported annual revenues of approximately $3 billion.
The timing of Malloy’s death has drawn particular attention, as he was due to present the company’s latest financial results to investors in a conference call scheduled for this Thursday. That call will proceed as planned, the firm said, despite the leadership disruption.
Market reacts to sudden loss of CEO
Shares in Carpenter Technology fell by 4.6% in Monday trading following the announcement of Malloy’s death. The company’s board described him as a “respected leader” who had made “significant contributions” during his decade-long tenure, which included roles in performance management and operational strategy.
In a statement, the board said: “We are deeply saddened by Brian’s passing. We extend our deepest sympathies to his family and loved ones during this difficult time.” Malloy is survived by his wife, Luiza, and their three children. The company, founded in 1889 in Reading, Pennsylvania, has not indicated whether a permanent successor will be appointed in the near future.
