The Timken Company Announces CEO Succession Plan

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Mar 27, 2024, 06:55 ET

Industry executive Tarak Mehta named Timken's next president and CEO

Richard G. Kyle to retire as Timken president and CEO; will remain on the Timken Board of Directors

NORTH CANTON, Ohio, March 27, 2024 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) Board of Directors has reached an agreement with Tarak Mehta to become Timken's next president and chief executive officer on Sept. 5, 2024. Mehta is currently president of the Motion business and member of the Group Executive Committee at ABB Ltd., a $32 billion leader in electrification and automation. Mehta will be appointed Timken president and CEO after he completes a transition period with ABB.

Richard G. Kyle will remain president and CEO until Mehta'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.

Mehta has 35 years of industry experience, including a 26-year career at ABB. As president of ABB's Motion business, he has extensive experience accelerating organic growth and innovation across global industrial markets, scaling business portfolios through M&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 North Canton, Ohio, and is expected to be appointed to the Timken Board of Directors at a future date.

"Today's announcement is the result of a leadership succession plan and follows a comprehensive CEO selection process led by the Board," said Timken Chairman, John M. Timken, Jr. "Bringing on a seasoned industry executive like Tarak as CEO underscores the Board's commitment to advancing Timken'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's customer-centric innovation and market-leading growth strategies will further Timken's leadership across the globe."

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's market mix. Kyle'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.

"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," said John Timken. "Timken stands stronger today than at any time in our 125-year history, reflecting Rich'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."

About The Timken Company

The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and industrial motion products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.8 billion in sales in 2023 and employs more than 19,000 people globally, operating from 45 countries. Timken is one of the World's Most Innovative Companies, according to Fast Company, and has been recognized among America's Most Responsible Companies and America's Greatest Workplaces for Diversity by Newsweek, the World's Most Ethical Companies^® by Ethisphere and America's Most Innovative Companies by Fortune.

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SOURCE The Timken Company