Business

Tarak Mehta Takes Helm as Timken's New President and CEO

NORTH CANTON, Ohio, March 27, 2024 – A recent update from The Timken Company, a global engineering leader listed on the New York Stock Exchange under the ticker symbol TKR, announces a significant shift in leadership. Tarak Mehta, a seasoned executive in the industry with a robust background, has been nominated to take over as President and CEO, beginning his tenure on September 5, 2024. Known for his leadership at the Motion business unit of ABB Ltd, which boasts a staggering $32 billion in electrification and automation, Mehta is set to bring a wealth of experience to his new role at Timken after fulfilling a transition period with ABB. For more information about The Timken Company, visit their website at www.timken.com.

Leadership Transition: A New Chapter Begins

The current president and CEO, Richard G. Kyle, will pass the baton to Mehta on the designated date, transitioning into an advisory role to facilitate a smooth changeover in leadership. Although Kyle is set to retire following an impactful ten-year leadership spell as CEO, his wisdom will remain as part of the Timken community through his continued role on the Board of Directors. During his tenure, Kyle has been instrumental in spearheading Timken's global presence and diversification, guiding the company to scalable heights of industrial prominence.

Tarak Mehta: A Proven Leader

Tarak Mehta's appointment comes after a robust career of over 35 years in the industry, contributing 26 of those prolific years to ABB. As the president of ABB's Motion business, he has an impressive record of stimulating organic growth, driving innovation, and executing M&A activities to escalate business portfolios. His strategic leadership positions, including serving as the president of Electrification Products at ABB, reveal his adeptness in global business development. Mehta is anticipated to join the skilled team at Timken's headquarters in North Canton, Ohio, with an expectancy of being appointed to the Timken Board of Directors subsequently.

A Strategic Appointment Upholding Timken's Vision

John M. Timken, Jr., the Chairman of Timken, remarks on the strategic nature of Mehta's appointment, reflecting the culmination of a comprehensive CEO selection process founded on a meticulous leadership succession strategy. "Bringing on a seasoned industry executive like Tarak as CEO underscores the Board's commitment to advancing Timken's industrial diversification strategy," stated Timken. Mehta's track record and his approach towards customer-centric innovation and market-leading growth strategies are anticipated to bolster Timken's stature globally.

Richard G. Kyle's Transformative Impact

Since joining Timken in 2006, Kyle took the helm as CEO in 2014, transforming the company into a global diversified industrial dynamo while simultaneously recording unprecedented levels of financial performance. Under his visionary leadership, Timken established two formidable industry-level business segments - Engineered Bearings and Industrial Motion. His strategic direction in market mix evolution and disciplined capital allocation has led the company to broaden its operational horizons, explore new product avenues, and diversify market alignment, thereby cementing long-term shareholder value.

"Rich has been integral in nurturing a skilled leadership team and setting the stage for Timken's future milestones," praised John Timken. "The company's strength and versatility are living testaments to Rich's diligent stewardship as CEO."

About The Timken Company

A centurion in the industry, The Timken Company's inception dates back to more than a century ago. It has unfailingly delivered on the promise of fostering equipment reliability and operational efficiency on a global scale. With an impressive record of $4.8 billion in sales in 2023, Timken's vast employee base of over 19,000 spans across 45 countries. Celebrating innovation, responsibility, ethical practices, and diversity, Timken has earned distinctions as one of the World's Most Innovative Companies by Fast Company. Newsweek has also recognized Timken among America's Most Responsible Companies and America's Greatest Workplaces for Diversity. Moreover, Ethisphere has honored it as one of the World's Most Ethical Companies®, while Fortune cites Timken among America's Most Innovative Companies.

Media Relations Contact

For further inquiries and media interests regarding the new leadership appointment or any other information pertaining to The Timken Company, the media contact person is Scott Schroeder. He can be reached at 234.262.6420 or via email at [email protected]

Conclusion: Anticipating the Road Ahead

The news of Tarak Mehta's appointment is a significant event in the annals of The Timken Company. With him at the helm, stakeholders, employees, and customers alike are keenly watching, as Mehta is expected to channel his wealth of expertise into furthering Timken's legacy. The interplay of Mehta's innovative strategies and Kyle's consulting presence on the Board is a beacon for a promising evolution of Timken. Their combined forces will likely foster the continuing growth trajectory of The Timken Company, reinforcing its market leadership in an increasingly competitive and technologically advancing industry.

This transition reflects the proactive steps taken by Timken to ensure strategic continuity and a seamless integration of new leadership while expressing profound gratitude towards the transformative role played by Richard G. Kyle. As The Timken Company embarks on this new journey with Tarak Mehta, it upholds its commitment to excellence that has been the cornerstone of its reputation over the past century.

In conclusion, The Timken Company is poised for an epoch of revitalized growth and innovation. Tarak Mehta's leadership is anticipated to propel Timken onto new avenues of industrial achievement, while honoring the rich legacy endowed by Richard G. Kyle's years of dedicated service. As the business community watches with interest, Timken reaffirms its place as an industrial frontrunner, ushering in a new chapter with focused objectives and passionate leadership.

Note: This article has been adapted based on a press release distributed by The Timken Company. The original content can be referenced through provided press imagery and weblink information.

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