Carlos Cardoso, president and CEO of industrial tool manufacturer Kennametal Inc. (NYSE: KMT), Latrobe, PA, will retire from the company, effective Dec. 31. The company's board of directors will consider both internal and external candidates in a search for Cardoso's successor.

Cardoso has served as Kennametal president and CEO since January 2006 and was elected chairman in 2008. He joined the company in April 2003 as president of its metalworking solutions and services group and subsequently was appointed executive vice president and chief operating officer.

"I've often said to our employees and publicly that seven to ten years is the optimum time period for a chief executive to manage most effectively. With this in mind, I've worked regularly with the board on management succession," said Cardoso. "Everyone at Kennametal has worked very hard in recent years to establish a good long-range plan, solid strategies, and we now have a complete and effective management team in place. With that in mind, this has emerged as the best time to engage in a smooth leadership transition."