Barnes Group (B) Promotes COO Patrick Dempsey to CEO
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Price: $29.89 -0.43%
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Dividend Yield: 1.3%
Revenue Growth %: -13.0%
Overall Analyst Rating:
BUY (
Up)Dividend Yield: 1.3%
Revenue Growth %: -13.0%
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Barnes Group Inc. (NYSE: B) 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.
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.
Prior to serving as COO, Dempsey served as Vice President Barnes Group Inc. and President, Logistics and Manufacturing Services. In this role, he was directly responsible for sales and operations of the organization’s distribution and aerospace aftermarket businesses. Dempsey joined Barnes Group in 2000 as President, Barnes Aerospace, Windsor Airmotive. Following this, he served in roles of increasing responsibility, including Vice President, Operations, Barnes Aerospace, 2003; President, Barnes Aerospace, 2004 – 2007; and President, Barnes Distribution, 2007 – 2008. During his tenure at BGI, the businesses under his leadership achieved record orders, sales and profits, and won multiple long-term contracts and life of program Revenue Sharing Programs (RSPs).
Prior to joining Barnes Group Inc., Dempsey held leadership positions at United Technologies’ Pratt and Whitney Division and the Interturbine Group of Companies.
Dempsey holds a Masters of Business Administration from the University of Michigan and a Bachelor’s of Engineering Technology and Education from the University of Limerick, Ireland. He also holds various business management and leadership certifications from Harvard Business School, Case Western University, Columbia University, Texas Christian University and Southern Methodist University.
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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.
Prior to serving as COO, Dempsey served as Vice President Barnes Group Inc. and President, Logistics and Manufacturing Services. In this role, he was directly responsible for sales and operations of the organization’s distribution and aerospace aftermarket businesses. Dempsey joined Barnes Group in 2000 as President, Barnes Aerospace, Windsor Airmotive. Following this, he served in roles of increasing responsibility, including Vice President, Operations, Barnes Aerospace, 2003; President, Barnes Aerospace, 2004 – 2007; and President, Barnes Distribution, 2007 – 2008. During his tenure at BGI, the businesses under his leadership achieved record orders, sales and profits, and won multiple long-term contracts and life of program Revenue Sharing Programs (RSPs).
Prior to joining Barnes Group Inc., Dempsey held leadership positions at United Technologies’ Pratt and Whitney Division and the Interturbine Group of Companies.
Dempsey holds a Masters of Business Administration from the University of Michigan and a Bachelor’s of Engineering Technology and Education from the University of Limerick, Ireland. He also holds various business management and leadership certifications from Harvard Business School, Case Western University, Columbia University, Texas Christian University and Southern Methodist University.
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