New CEO of Philadelphia steel company dies suddenly
Carpenter Technology Corp. promoted Brian J. Malloy to the top job on July 1. His predecessor, Tony Thene, has stepped back in.
Brian J. Malloy, chief executive officer of Philadelphia-based Carpenter Technology Corp., died “suddenly and unexpectedly” Friday, July 24, three weeks after he was promoted to run the company, which employs 4,500, Carpenter said in a statement. He was 59.
Malloy made “significant contributions” to the growth of Carpenter, a 137-year-old, $3 billion-a-year company that makes stainless-steel alloys for aerospace, medical, military, and industrial uses at its plants in Berks County, western Pennsylvania and Alabama.
“We are deeply saddened at Brian’s passing,” the company said.
Tony Thene, Malloy’s predecessor as CEO and executive chairman, has stepped back in to replace Malloy.
Malloy had been scheduled to report recent results to Carpenter’s investors and discuss its prospects in a conference call Thursday. The call will go ahead on schedule. Shares fell about 4% to around $580 in trading Monday on word of the new CEO’s death.
The stock had been trading over $600, its highest ever, for the past month, on the expectation that Carpenter would profit on higher U.S. military spending and new space orders.
Malloy studied engineering at Virginia Tech and held an MBA from the College of William and Mary, as well as certifications in AI from Northwestern University and digital transformation from MIT. He is listed on five patents.
He joined Carpenter in 2015, heading a unit that includes titanium products and powdered metals. In 2023, he was named chief operating officer before succeeding Thene as CEO when Thene retired earlier this month.
Before joining Carpenter, Malloy was an executive at Berwyn-based Ametek and for Alcoa.
Carpenter moved its headquarters to Philadelphia from Spring Township near Reading, the year after Malloy joined the company, one of several upstate Pennsylvania companies that moved to Philadelphia in hopes of attracting management and technical talent.
