Ramin Younessi Joins Carpenter Technology’s Board of Directors

Rhea-AI Summary

Carpenter Technology Corporation (NYSE: CRS) has appointed Ramin Younessi to its Board of Directors, effective immediately. Younessi brings over 30 years of experience from his tenure at Caterpillar, where he led multiple divisions, including the Construction Industries Group. His background also includes senior roles at Daimler AG and Navistar. With advanced degrees in Electrical Engineering and Engineering Management, he is expected to enhance Carpenter Technology's business as it expands its portfolio of high-performance materials across various markets.

Positive

• Ramin Younessi's appointment brings over 30 years of experience in industrial leadership, likely enhancing Carpenter Technology's strategic direction.
• Younessi's diverse background in construction and energy sectors may provide fresh insights and strengthen the company's market position.

Negative

• Concerns may arise regarding the continuity of leadership experience, given the recent transition.
• Potential gaps in industry-specific knowledge may impact immediate strategic decisions.

PHILADELPHIA, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) announced today that Ramin Younessi, who has over thirty years of progressive, global business leadership in the industrial, commercial vehicle and engine industry, has been appointed to the Company’s Board of Directors, effective immediately.

Mr. Younessi served as Group President, Construction Industries Group, of Caterpillar, Inc. before retiring in December 2020. As Group President of Caterpillar’s Construction Industries Group, he was responsible for Earthmoving, Excavation, Building Construction Products, China Operations and Global Construction & Infrastructure Divisions, Global Rental and Used Equipment Services, and Strategic Procurement. Mr. Younessi joined Caterpillar in 2013 and has also served as Caterpillar’s Group President of Energy & Transportation and Vice President of Industrial Power Systems. Prior to joining Caterpillar, Mr. Younessi held a number of senior executive positions at Daimler AG and Navistar Inc. In addition, Mr. Younessi has been a Senior Advisor to Madison Dearborn Partners (MDP), a leading private equity investment firm, and board member on several portfolio companies since 2013.

Mr. Younessi holds a bachelor’s degree in Electrical Engineering from Rochester Institute of Technology, a master's degree in Electrical Engineering from Syracuse University and a master's degree in Engineering Management from the University of Maryland. Mr. Younessi is a registered professional engineer in the state of Illinois and a member of SAE International.

“We welcome Ramin to Carpenter Technology’s Board of Directors. Ramin brings over 30 years of commercial vehicle and engine experience and we are confident that his technical, business and leadership acumen will be significant benefit to Carpenter Technology as we continue to expand our business and our highly engineered, high performance solutions portfolio across a range of end-use markets and applications,” said Martin Inglis, Chairman of the Board of Directors.  

About Carpenter Technology

Carpenter Technology Corporation is a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, transportation, energy, industrial, medical, and consumer electronics markets. Founded in 1889, Carpenter Technology has evolved to become a pioneer in premium specialty alloys, including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing (AM) processes and soft magnetics applications. Carpenter Technology has expanded its AM capabilities to provide a complete “end-to-end” solution to accelerate materials innovation and streamline parts production. More information about Carpenter Technology can be found at www.carpentertechnology.com.

Media Inquiries:
Heather Beardsley
+1 610-208-2278
hbeardsley@cartech.com

Investor Inquiries:
The Plunkett Group
Brad Edwards
+1 914-582-4187
brad@theplunkettgroup.com

FAQ

Who is Ramin Younessi and what is his experience?

Ramin Younessi has over 30 years of leadership experience, previously serving as Group President at Caterpillar and holding senior positions at Daimler AG and Navistar.

What impact might Ramin Younessi's appointment have on Carpenter Technology?

His extensive background in industrial sectors could bring valuable insights and strengthen Carpenter Technology's operations and market strategy.

When was Ramin Younessi appointed to Carpenter Technology's Board?

Ramin Younessi was appointed to the Board of Directors on October 13, 2021.