Barnes Group Inc. (NYSE: B), an international aerospace and industrial manufacturer and service provider, today announced that its Board of Directors has appointed Chief Operating Officer Patrick J. Dempsey, 48, to President and Chief Executive Officer of the Company, effective March 1, 2013. Gregory F. Milzcik is retiring after serving as President and CEO and Director of Barnes Group Inc. since 2006, but will remain with the Company through May 3, 2013, as Executive Vice Chairman of Barnes Group Inc. to help effect a smooth transition of leadership.
“Patrick Dempsey is a hands-on leader with a proven record of building businesses, strengthening operations, and motivating people,” said Thomas O. Barnes, Chairman of the Board, Barnes Group Inc. “The Board of Directors unanimously agreed that Patrick’s depth of experience, combined with his extensive knowledge of our business operations, make him well-prepared to successfully lead our organization into the future.”
“I am excited to have the opportunity to lead Barnes Group through its next phase of growth, building on our long history of providing world-class products and services to our customers through our highly skilled and passionate employees,” said Dempsey. “I am grateful for the confidence that Greg Milzcik and the Board have expressed in me, and I look forward to working closely with Greg during the transition.”
“Greg is leaving the Company in great shape with a record year-end backlog and expanding operating margin,” said Barnes. “He successfully guided the Company through the 2009 economic downturn and played an integral role in championing our corporate culture of employee empowerment and operational excellence via the Barnes Enterprise System (BES). The Board expresses its sincere appreciation for Greg’s commitment and dedication to positioning the Company for long-term growth and success, and wishes him well in his retirement.”
Appointed Senior Vice President and Chief Operating Officer in 2012, Patrick Dempsey has spent the past 12 years with Barnes Group. As COO, he has been responsible for oversight and direction of the Company’s global business segments, as well as working closely on the development and execution of the Company’s strategic plan. Pursuant to this strategy, Dempsey played a key role in the divestiture of Barnes Distribution Europe in 2011 and the acquisition of Synventive Molding Solutions, the largest acquisition in the organization’s history in 2012. He further assisted with the restructuring of the aerospace businesses to combine OEM and Aftermarket into one global business segment while simultaneously realigning manufacturing operations into dedicated Centers of Excellence to enable global competitiveness, enhanced efficiency and sustainable, profitable growth.