Shelly M. Chadwick Named Vice President - Finance and Chief Accounting Officer; J. Ted Mihaila to Retire After 41 Years of Service

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Sep 13, 2016, 11:00 ET

NORTH CANTON, Ohio, Sept. 13, 2016 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in bearings, has announced that J. Ted Mihaila, senior vice president and corporate controller will retire December 1 after more than 41 years of service with the Company. In connection with Mihaila's retirement, Shelly M. Chadwick has been appointed vice president ‒ finance and chief accounting officer, effective November 1.

"Ted retires from the company after a distinguished career marked by significant achievements in the finance area that have contributed to the overall success of the company," said Philip D. Fracassa, executive president and chief financial officer, in making the announcement. "We appreciate Ted's steady hand over the years and wish him the best in retirement.

"At the same time, we're pleased to expand Shelly's responsibilities to include the role of chief accounting officer," said Fracassa. "Shelly has strong financial acumen and leadership skills and has delivered impressive results during her tenure with Timken. She will inherit a strong team and continue our efforts to drive financial compliance and improved performance on a global basis."

Chadwick joined Timken in 2011 as assistant corporate controller and in 2013 became controller of the company's Process Industries segment. In 2014, she was named vice president of treasury with her responsibilities expanded thereafter to include investor relations. Prior to joining Timken, Chadwick was vice president of finance and chief financial officer at Eckart America and previously held financial leadership roles at Noveon Inc. and BF Goodrich.

Chadwick holds a bachelor's degree in business management and finance from Westfield State University and a master's degree in business administration from Anna Maria College, both in Massachusetts. She is a member of Financial Executives International, serves on the board of directors of ArtsinStark, a non-profit organization that raises awareness of the value of arts in the community, and is a charter member for the local chapter of Zonta International, which focuses on advancing the status of women worldwide.

Mihaila joined Timken in 1975 and during his career held a number of different accounting and finance roles, including manager of accounting, general manager of business economics, director of internal audit and vice president and controller for the company's former Industrial Bearings segment. Mihaila was named to his present position of senior vice president and corporate controller in 2006. He currently serves on the board of directors of Habitat for Humanity East Central Ohio and is a member of the advisory boards of The University of Akron's George W. Daverio School of Accountancy and Walsh University's DeVille School of Business.

About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) manufactures and markets engineered bearings and mechanical power transmission products including gear drives, belts, chain, couplings and related products. The company also offers a spectrum of industrial services, including powertrain rebuild and bearing repair. The leading authority on tapered roller bearings, Timken applies its deep knowledge of metallurgy, tribology and mechanical systems to improve reliability and efficiency of machinery and equipment all around the world. The company's growing portfolio features many strong industrial brands including Timken^®, Fafnir^®, Philadelphia Gear^®, Carlisle^®, Lovejoy^®, Drives^®and Interlube^TM. Known for its quality products and collaborative technical sales model, Timken posted $2.9 billion in sales in 2015. With more than 15,000 employees operating from 28 countries, Timken makes the world more productive and keeps industry in motion.