The Timken Company (NYSE: TKR) has revealed its leadership succession plan with the appointment of Tarak Mehta as the next President and Chief Executive Officer, effective September 5, 2024. With sales of $4.8 billion in 2023 and a global workforce of over 19,000 employees, Timken operates in 45 countries.
Mehta, currently serving as the President of the Motion business at ABB Ltd., brings 35 years of industry experience, including a distinguished career at ABB. Richard G. Kyle, the incumbent President and CEO, will continue in his role until Mehta’s appointment, after which he will transition to an advisory position to facilitate a smooth leadership transition.
Kyle, who has led Timken since 2014, is credited with transforming the company into a global diversified industrial leader, achieving record financial performance and establishing two industry-leading business segments.
Mehta’s tenure at ABB has been marked by significant achievements, including accelerating organic growth, driving innovation, and scaling business portfolios through strategic mergers and acquisitions. His appointment underscores Timken’s commitment to advancing its industrial diversification strategy and global leadership.
John M. Timken, Jr., Chairman of Timken’s Board of Directors, expressed confidence in Mehta’s ability to lead Timken through its next phase of growth, citing his proven track record of operational excellence and customer-centric innovation. Mehta’s appointment follows a comprehensive CEO selection process led by the Board.
Kyle, who joined Timken in 2006, will retire as an employee following a decade of leadership as CEO but will continue to serve on the Timken Board of Directors. John Timken acknowledged Kyle’s outstanding achievements and credited him for positioning Timken for future success during his tenure.
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