Tarak Mehta Appointed President and CEO of The Timken Company
Rhea-AI Summary
The Timken Company (NYSE: TKR) has appointed Tarak Mehta as its new president and CEO, effective September 5, 2024. Mehta, who previously served on ABB's Group Executive Committee and led its Motion business, succeeds Richard G. Kyle after a comprehensive search process. With 26 years of experience at ABB, Mehta brings strategic leadership and a proven track record of delivering results to Timken.
Kyle, who served as CEO for 10 years, will move into an advisory role to assist with the transition before retiring as a Timken employee in February 2025. He will continue to serve on the company's Board of Directors. Timken, a global leader in engineered bearings and industrial motion, posted $4.8 billion in sales in 2023 and employs over 19,000 people across 45 countries.
Positive
- Appointment of experienced leader Tarak Mehta as new CEO
- Smooth transition process with former CEO Richard G. Kyle in advisory role
- Strong financial performance with $4.8 billion in sales for 2023
- Global presence with operations in 45 countries
Negative
- None.
News Market Reaction
On the day this news was published, TKR declined 0.16%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
"I'm excited to join Timken and hear directly from our employees, customers and other stakeholders all around the globe about how we can accelerate profitable growth and continue to drive momentum for the company," said Mehta. "I look forward to collaborating with our talented team to identify additional opportunities to advance customer-centric innovation."
Following a comprehensive search process, the Timken Board of Directors announced in March that Mehta, who previously served as a member of ABB's Group Executive Committee and president of its Motion business, would succeed Richard G. Kyle as president and CEO. Mehta spent 26 years at ABB, a
Mehta succeeds Kyle, who has moved into an advisory role to assist with the leadership transition after 10 years as CEO. Following the transition, Kyle plans to retire as a Timken employee in February 2025, but will continue to serve on the company's Board of Directors.
"On behalf of the Timken Board of Directors, I want to commend Rich for his contributions and leadership during a decade of strong growth and transformation for the company," said Timken Chairman John M. Timken Jr. "As we look to the future, Tarak brings the deep experience and expertise we need to continue to advance our strategy and build on our 125-year legacy. Based on his impressive track record and strong business acumen, we're confident that Tarak is the right leader to guide us through our next chapter of profitable growth."
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, designs a growing portfolio of next-generation products for diverse industries. For 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. The company posted
Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
investors@timken.com
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SOURCE The Timken Company
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