Hillenbrand Names New CEO

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Batesville, Ind.-based Hillenbrand (NYSE: HI  ) is losing one chief executive officer and gaining another.

On Wednesday, 32-year company veteran Kenneth A. Camp announced that he has decided to retire at the end of this year. Three months before he retires, he will vacate the positions of president and CEO of the company to make way for newly promoted Hillenbrand exec Joe Raver on Sept. 6.

This won't be the first time Raver takes over a job Camp is vacating. When Camp moved from subsidiary Batesville Casket to take over Hillenbrand in 2008, Raver became president of that organization as well. His current position at Hillenbrand, however, is as president of the Process Equipment Group, where he helped expand Hillenbrand's business into China, Russia, and India.

Hillenbrand advised in an SEC filing that it has not yet established the terms of compensation for Raver in his new post. The company said it will make the requisite filing with this information once a contract has been drawn up.

Hillenbrand shares gained 0.5% in Wednesday trading ahead of this announcement. Shares closed at $25.09.

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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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11/24/2015 4:01 PM
HI $30.47 Up +0.67 +2.25%
Hillenbrand CAPS Rating: ****