NORTH CANTON, Ohio, Sept. 5, 2024 /PRNewswire/ -- The Timken Company (NYSE:TKR, www.timken.com))), a global technology leader in engineered bearings and industrial motion, today appointed Tarak Mehta the company's president and CEO. Mehta was also elected to Timken's Board of Directors.
"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 $32 billion leader in electrification and automation. He is an accomplished strategic leader with a proven record of delivering results, developing global teams and achieving operational excellence.
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 $4.8 billion in sales in 2023 and employs more than 19,000 people globally, operating from 45 countries. Timken is one of the World's Most Innovative Companies, according to Fast Company, and has been recognized among America's Greatest Companies, America's Most Responsible Companies and America's Greatest Workplaces for Diversity by Newsweek, Best Companies to Work For by U.S. News & World Report, the World's Most Ethical Companies® by Ethisphere and America's Most Innovative Companies by Fortune.
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SOURCE The Timken Company