The CEO of a $3 billion steel corporation has died ‘suddenly and unexpectedly’ shortly after he was promoted to the top job, his company revealed.
Brian Malloy passed away Friday aged 59, just three weeks after he was named chief executive of Philadelphia-based Carpenter Technology Corp., a 137-year-old manufacturing firm.
The company employs over 4,500 people and generates billions making stainless-steel alloys for the medical, military and aerospace industries.
The firm said it was ‘deeply saddened at Brian’s passing’, but did not elaborate on how Malloy died.
He is survived by his wife Luiza and their three children, who live in a $2.5 million mansion in Malvern, Pennsylvania.
Malloy had recently taken over from Tony Thene, who will return to run the company following his successor’s unexpected death.
The news of Malloy’s passing led shares of Carpenter Technology Corp. to drop around 4 percent to around $580 on Monday, reports the Philadelphia Inquirer.
Malloy had reportedly been preparing to report recent financial results to the firm’s investors on Thursday, which the company said will still go ahead as scheduled.
Brian Malloy, the recently promoted CEO of Philadelphia-based Carpenter Technology Corp., has died ‘suddenly and unexpectedly’ aged 59
The father-of-three, seen with his wife Luiza and children, died just three weeks after he was named chief executive of the $3 billion company
Malloy’s company did not elaborate on his manner of death, as he was described as a ‘respected leader’ in the manufacturing industry
Malloy is survived by his wife Luiza and their three children, who live in an opulent $2.5 million mansion in Malvern, Pennsylvania
The CEO had been expected to report a positive outlook to investors at the meeting, with Carpenter Technology Corp. trading at its highest ever stock points for the past month.
The company had reportedly been enjoying higher profits due to US military spending and an influx of new space orders.
Malloy joined the company in 2015, and began leading a unit focused on titanium products and powdered metals, the Inquirer reported.
He became Chief Operating Officer in 2023, and was named as Thene’s successor upon the CEO’s retirement last month.
In a statement announcing Malloy’s passing, Carpenter Technology’s board of directors said: ‘We are deeply saddened by Brian’s passing. Over the past decade, Brian made significant contributions to Carpenter Technology and was a respected leader with a strong commitment to performance, operational excellence, and the Company’s long-term success.
‘We extend our deepest sympathies to Brian’s family and loved ones during this difficult time.’
