The newly appointed CEO of a $3 billion steel corporation died “suddenly and unexpectedly,” his company has announced.
Brian Malloy, 59, died on Friday, just three weeks after he was named chief executive of Philadelphia-based Carpenter Technology Corp., the firm announced on Monday.
No further details were given about Malloy’s cause of death by the company, which designs stainless-steel alloys for the aerospace, medical, and military industries.
Malloy was previously Chief Operating Officer at the company, and made $2.7 million, according to Salary.com.
The former CEO, Tony Thene, was making $8.4 million in cash and stock when he had the job.
He was scheduled to report recent financial results to Carpenter’s investors at a conference call Thursday, the Philadelphia Inquirer reported.
That call will still go ahead on schedule, the company said.
Shares fell about 4.6% for the firm in trading Monday follow news of Molloy’s death.
He had only been at the helm of the company since July 1, when he took over from his predecessor Thene.
Thene, who had led the firm since 2015, will return to his previous role “effective immediately,” the company 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,” the Board of Directors said in a statement.
“We extend our deepest sympathies to Brian’s family and loved ones during this difficult time,” it added.
Malloy, who had been at the company since 2015, is survived by his wife, Luiza, and their three children.
Founded in 1889 in Reading, PA, Carpenter Technology Corp. now employs more than 4,500 people.