Pittsburgh-based Kennametal on Thursday announced that board member Ronald DeFoe has been appointed the company's new president and chief executive officer, effective immediately. DeFoe replaces Donald Nolan, who Kennametal said has left the company to pursue other interests. Nolan was Kennametal's president and CEO since November 2014.
DeFoe has been a board member since 2001. He previously served as CEO of Terex Corporation from 1995-2015, and Board Chairman of Terex from 1998-2015.
“We have determined a change in leadership is necessary and are pleased that Ron will step into this role,” said Kennametal Chairman of the Board of Directors Lawrence W. Stranghoener. “Ron is a highly experienced CEO who will bring much wisdom, experience and passion for Kennametal. He will sharpen our focus, prioritize our results, and motivate, engage, and empower our people to produce the financial results that are expected of an industry leader like Kennametal. We appreciate Don Nolan’s service. He was a necessary change agent through a period of significant turmoil and uncertainty.”