GlobeNewswire Inc | Oct 12, 2021 04:30PM EDT

October 12, 2021

PHILADELPHIA, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) announced today that the Board of Directors elected I. Martin Inglis to succeed Gregory Pratt as Chairman of Carpenter Technologys Board of Directors, effective immediately. As planned, Mr. Pratt has retired as the Chairman of the Board of Directors, a role Mr. Pratt has held since 2009. Mr. Pratt also served as interim President and Chief Executive Officer of the Company in 2010 and 2015 and has been a member of the Companys Board of Directors since 2002.

Mr. Inglis has been a member of Carpenter Technologys Board of Directors since 2003 and has held the role of Chair of the Audit/Finance Committee of the Board of Directors. Mr. Inglis experience includes serving as Executive Vice President and Chief Operating Officer at Battelle, a research and development enterprise headquartered in Columbus, Ohio where he retired in 2014. Prior to joining Battelle, Mr. Inglis retired as Group Vice President, Business Strategy for Ford Motor Company, where he also held various other executive leadership roles including Chief Financial Officer.

We are grateful for Gregs contributions to Carpenter Technology over the last nearly twenty years, said Tony Thene, Carpenter Technologys President and Chief Executive Officer. Gregs leadership and deep knowledge of our business as Chairman of the Board over the last twelve years has been invaluable to the Company. Greg has been critical in driving our strategy and growth. We will surely miss his presence in the future.

We are excited that Martin will succeed Greg as our new Chairman of the Board. Martin brings to the role substantial experience with Carpenter Technology along with extensive expertise in finance, operations and strategy execution. Martin has played a significant role in the Companys strategy development during his years as a Board member and has a deep understanding of Carpenter Technologys operations and vision.

The Companys Board of Directors also appointed Charles Chuck McLane, former Executive Vice President and Chief Financial Officer of Alcoa Inc., and member of the Companys Board of Directors since October 2020, to the role of Chair of the Audit/Finance Committee 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 aboutCarpenter Technologycan be found atwww.carpentertechnology.com.

Media Inquiries: Investor Inquiries:Heather Beardsley The Plunkett Group+1 610-208-2278 Brad Edwardshbeardsley@cartech.com +1 914-582-4187 brad@theplunkettgroup.com