Timken Co. lines up new leader as president and CEO will retire in September
JACKSON TWP. − Richard G. Kyle will retire in September after a decade as president and CEO of the Timken Co., the company announced Wednesday.
Tarak Mehta, president of the motion business and member of the Group Executive Committee at ABB Ltd., will succeed Kyle. After a transition period with ABB, an electrification and automation company, Mehta will be appointed by Timken's Board of Directors to the leadership role on Sept. 5.
“Today’s announcement is the result of a leadership succession plan and follows a comprehensive CEO selection process led by the Board,” Timken chairman John M. Timken Jr. said in a prepared statement. “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."
Timken, a global manufacturer of bearings and industrial motion products, has more than 19,000 employees across the globe and is among Stark County's top 10 employers. The publicly traded company reported $4.8 billion in sales last year.
Mehta has 35 years of experience in the industry and has worked at ABB for the past 26, according to the announcement. His achievements as president of ABB's motion business include accelerating organic growth and innovation, overseeing mergers and acquisitions, and helping customers save energy and improve efficiency.
Kyle joined Timken in 2006 and became president and CEO in 2014. He will assist with the leadership transition and remain on the Board of Directors after retirement.
“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,” John Timken said. “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."
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This article originally appeared on The Repository: Timken Co. President and CEO Richard Kyle to retire in September
