In a recent SEC filing, Timken Co. (NYSE: TKR), a global leader in engineered bearings and power transmission products, announced that Richard G. Kyle, its President and Chief Executive Officer, intends to retire. The transition is set to take place with Tarak Mehta succeeding him on September 5, 2024.
Richard Kyle, who also serves on the company's Board of Directors, will continue his tenure on the board following his departure from executive duties. Kyle's leadership has been instrumental in Timken's growth, and his continued presence on the board is expected to provide valuable insight.
Tarak Mehta, aged 57, has been named as Kyle's successor. He is currently the President of the Motion Business Area and a member of the Group Executive Committee at ABB Ltd (SIX:ABBN), a pioneering technology leader in electrification and automation. With a 26-year tenure at ABB (ST:ABB), Mehta has a track record of leadership roles, including President Electrification Products from 2015 to 2022 and President Low Voltage Products from 2010 to 2015.
Mehta's extensive experience in the industry is anticipated to bring a fresh perspective to Timken as he prepares to steer the company into its next phase of development. His appointment to the company's Board of Directors is also expected at a future date, further integrating him into Timken's strategic planning.
The filing indicated that the leadership change is the result of a planned and negotiated transition period with Mehta's current employer, ensuring a smooth handover of responsibilities.
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