Effective January 1, 2013, Catherine Kramer will become the Vice President-Finance and Chief Financial Officer of SIFCO Industries, Inc. (the "Company"). Ms. Kramer, 39, was previously Director of Financial Planning and Analysis at the Company.

Ms. Kramer replaces former Vice President-Finance and Chief Financial Officer, Frank Cappello, who departs the Company on December 31, 2012. In connection with Mr. Cappello's departure, the Company entered into a separation agreement with Mr. Cappello (the "Separation Agreement"). The Separation Agreement provides that Mr. Cappello will receive the following: (1) severance pay in a lump sum amount equal to one and one-half times his base salary in effect on the termination date; (2) severance pay in a lump sum amount equal to one and one-half times his average annual incentive compensation during the prior three year period; (3) severance pay in a lump sum amount equal to one week of accrued vacation time; (4) additional severance pay in a lump sum amount equal to $182,928 less all required tax withholdings; (5) additional severance pay in the form of 9,818 shares of Company stock to be issued on January 15, 2014; and
(6) executive outplacement services for 12 months. In addition, the Separation Agreement provides that the Company will pay to Mr. Cappello a lump sum payment equal to 24 months of continued dental coverage if Mr. Cappello elects COBRA dental coverage and a lump sum payment equal to 24 months of family medical coverage and Mr. Cappello fully and completely releases the Company.

The foregoing summary of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed as Exhibit 10.1 to this Current Report on From 8-K and is incorporated herein by reference.

(d) Exhibits:

10.1    Separation Agreement between the Company and Frank Cappello, dated
        December 31, 2012.

99.1    Press Release by the Company dated January 3, 2013.