Timken Announces CEO Succession Plan

Release Time：29 Mar,2024

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20240329/1711713610664711.png" title="1711713610664711.png" alt="5.png"/></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">The Timken Company board of directors has reached an agreement with&nbsp;Tarak Mehta&nbsp;to become Timken&#39;s next president and chief executive officer&nbsp;Sept. 5, 2024. Mehta is currently president of the Motion business and member of the Group Executive Committee at ABB Ltd., a&nbsp;$32 billion&nbsp;leader in electrification and automation. Mehta will be appointed Timken president and CEO after he completes a transition period with ABB.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Richard G. Kyle&nbsp;will remain president and CEO until Mehta&#39;s appointment date. At that time, Kyle will move into an advisory role to assist with the leadership transition. Kyle plans to retire as an employee of Timken following a decade of leadership as CEO but will continue to serve on the Timken board of directors.&nbsp;</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Mehta has 35 years of industry experience, including a 26-year career at ABB. As president of ABB&#39;s Motion business, he has extensive experience accelerating organic growth and innovation across global industrial markets, scaling business portfolios through M&amp;A transactions and helping customers save energy and improve efficiency. While at ABB, Mehta held a variety of global business leadership positions of increasing responsibility, including president of Electrification Products. Mehta will be joining the Timken team in&nbsp;North Canton, Ohio, and is expected to be appointed to the Timken Board of Directors at a future date.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">&quot;Today&#39;s announcement is the result of a leadership succession plan and follows a comprehensive CEO selection process led by the Board,&quot; said Timken Chairman,&nbsp;John M. Timken, Jr.&nbsp;&quot;Bringing on a seasoned industry executive like Tarak as CEO underscores the Board&#39;s commitment to advancing Timken&#39;s industrial diversification strategy. Tarak is an accomplished and highly respected global executive. He is exceptionally qualified to lead Timken through our next chapter of growth and has a proven track record of developing global teams and operational excellence. Tarak&#39;s customer-centric innovation and market-leading growth strategies will further Timken&#39;s leadership across the globe.&quot;</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Kyle joined Timken in 2006 and was appointed president and CEO in 2014. He is credited for transforming the company into a global diversified industrial leader while achieving record-levels of financial performance. As CEO, he established two industry-leading business segments, Engineered Bearings and Industrial Motion, and significantly evolved the company&#39;s market mix. Kyle&#39;s disciplined capital allocation, operational rigor and focus on profitable growth enabled Timken to build scale, enter new product lines, expand globally and diversify its end markets to drive shareholder value.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">&quot;On behalf of the board of directors, I would like to thank Rich for his outstanding achievements, his personal integrity and for the significant impact he has had on the company,&quot; said&nbsp;John Timken. &quot;Timken stands stronger today than at any time in our 125-year history, reflecting Rich&#39;s leadership and stewardship as CEO. During his tenure, Rich developed a talented leadership team and positioned the company for future success. We are pleased that Rich will continue as a member of the Board following his retirement as president and CEO.&quot;</span></p><p><br/></p>