The Timken Company Announces CEO Transition
Rhea-AI Summary
The Timken Company (NYSE: TKR) announced an immediate CEO transition as Tarak B. Mehta departs from his role as CEO and director by mutual agreement. Richard G. Kyle, a board member and former CEO, has been appointed as interim president and CEO.
Kyle, who previously served as CEO from 2014 to 2024, led the company's transformation into a global diversified industrial leader, achieving record financial performance during his tenure. The Board has initiated a comprehensive CEO search process, partnering with Crist Kolder Associates to identify qualified internal or external candidates.
Timken, a global technology leader in engineered bearings and industrial motion, reported $4.6 billion in sales in 2024 and employs approximately 19,000 people across 45 countries.
Positive
- Strong 2024 performance with $4.6 billion in sales
- Experienced interim CEO Richard G. Kyle appointed, ensuring leadership continuity
- Global presence with operations in 45 countries
Negative
- Unexpected CEO departure creates temporary leadership uncertainty
- Search for permanent CEO may cause strategic decision delays
News Market Reaction
On the day this news was published, TKR declined 4.36%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Tarak B. Mehta departing as CEO and director, effective immediately
Richard G. Kyle appointed interim president and CEO
Comprehensive CEO search process underway
Richard G. Kyle will return as interim president and CEO. Kyle is a member of the Timken Board of Directors and served as the company's CEO from 2014 to 2024.
"The Board wishes Tarak well in his future endeavors," said Timken Chairman, John M. Timken, Jr. "As interim CEO, Rich will ensure a seamless leadership transition and will focus on supporting the Timken team as we advance our successful industrial diversification strategy. Timken stands stronger today than any time in our 125-year history, with a talented leadership team and resilient business model. We are confident in the company's future and our ability to drive profitable growth."
The Timken Board of Directors has launched a comprehensive CEO search process, retaining search firm Crist Kolder Associates. Work is underway to identify the most qualified internal or external candidate to serve as the company's next CEO.
Kyle is a member of the Timken Board of Directors and served as CEO for a decade before stepping down from that role in 2024. During his tenure as CEO, Kyle transformed Timken into a global diversified industrial leader while achieving record levels of financial performance. His disciplined approach to capital allocation, operational rigor and focus on profitable growth enabled the company to build scale, enter new product lines, expand globally and diversify its end markets to drive shareholder value.
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 more than 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. Timken 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
FAQ
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