Carpenter Technology adds a former Howmet Aerospace CFO to its board as two directors exit. The aerospace supply chain link deepens with Alpha Scores of 66 and 63 on the Moderate label. The board shrinks to 10 after October.
Carpenter Technology Corporation appointed Ken Giacobbe to its board of directors, effective Aug. 11. Giacobbe spent more than three decades in finance leadership at Howmet Aerospace, Arconic and Alcoa, most recently as Howmet's executive vice president and CFO.
The move ties together two names in the aerospace supply chain. Carpenter Technology makes specialty alloys used in jet engines, landing gear and medical implants. Howmet, which split from Alcoa in 2020, supplies engineered components to the same aerospace and transportation customers. Giacobbe's experience in capital allocation and portfolio restructuring fits Carpenter's push to grow in higher-margin aerospace and defense markets, executives said.
"Ken brings extensive financial leadership experience from his tenure as CFO of Howmet Aerospace and its predecessor companies, along with deep knowledge of aerospace end markets," Chairman and CEO Tony Thene said in a statement. Thene also thanked departing directors Howard Yu and Colleen Pritchett, who both notified the board Aug. 11 they would leave at the October annual meeting.
Yu's and Pritchett's exits were not due to any disagreement with the company or its management, the release said. The board will shrink from 12 members to 10 after Oct. 6.
Carpenter Technology posts an Alpha Score of 66 on AlphaScala, labeled Moderate in the Industrials sector. Howmet scores 63, also Moderate. Both sit in the same industrial peer group, though Carpenter is more concentrated in specialty alloys while Howmet spans a broader set of aerospace and defense parts.
Giacobbe previously ran finance at Arconic and Alcoa's Engineered Products and Solutions segment, giving him direct exposure to the metal supply chain that Carpenter relies on for raw materials. He began his career at Avaya and Lucent Technologies. He holds a bachelor's from SUNY Oneonta and an MBA from the University of South Florida.
The appointment takes effect immediately. Carpenter Technology's board currently has 11 independent directors, a figure that falls to nine after the annual meeting.
Carpenter Technology is based in Philadelphia and has operated since 1889. Its specialty alloys go into critical applications in aerospace, defense, medical, energy and industrial markets.
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