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The Timken Company Announces CEO Transition

1. Tarak B. Mehta resigns as CEO effective immediately. 2. Richard G. Kyle appointed as interim president and CEO. 3. A comprehensive CEO search process is now underway. 4. Kyle previously served as CEO from 2014 to 2024. 5. Timken remains strong, focusing on industrial diversification strategy.

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FAQ

Why Neutral?

The CEO's departure may cause initial uncertainty; historically, CEO changes often stabilize quickly, especially with an interim leadership in place.

How important is it?

Leadership transitions are impactful but mitigated by strong interim management and existing strategies.

Why Short Term?

The immediate impact is on leadership perception, which may settle once an effective transition is confirmed, typically within a few months.

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HARTNKEDECAT
Tarak B. Mehta departing as CEO and director, effective immediatelyRichard G. Kyle appointed interim president and CEOComprehensive CEO search process underway , /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) Board of Directors today announced that, effective immediately, Tarak B. Mehta is departing as CEO and director based on mutual agreement due to personal reasons. 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 CompanyThe 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 $4.6 billion in sales in 2024 and employs approximately 19,000 people globally, operating from 45 countries. Media Relations:Scott Schroeder234.262.6420[email protected] Investor Relations:Neil Frohnapple234.262.2310[email protected]  SOURCE The Timken Company WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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