- After around 10 years in the position
- Praise and thanks for Kyle
- Tarak Mehta taking over
(exechange) — North Canton, Ohio, March 27, 2024 — Rich Kyle, chief executive of Timken, leaves his position. As announced by Timken Co. in a news release on Wednesday, March 27, 2024, Richard G. (Rich) Kyle leaves his post as chief executive officer at the specialist in engineered bearings and industrial motion products, after around 10 years in the role, effective September 5, 2024.
Rich Kyle’s duties as CEO will be taken over by Tarak Mehta, currently president of the Motion business and member of the Group Executive Committee at ABB Ltd.
The fact that Rich Kyle’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“The result of a leadership succession plan”
The planned management change is explained as follows. Timken Chairman, John M. Timken, Jr., stated: “Today’s announcement is the result of a leadership succession plan and follows a comprehensive CEO selection process led by the Board.”
Precise information regarding Rich Kyle’s future plans was not immediately available.
“Retire”
Timken said: “Richard G. Kyle will remain president and CEO until Mehta’s appointment date. At that time, Kyle will move into an advisory role to assist with the leadership transition. Kyle plans to retire as an employee of Timken following a decade of leadership as CEO but will continue to serve on the Timken Board of Directors.”
Share price increase since March 2019
The announcement follows an increase in Timken Co.’s share price of 98% since March 2019.
In the position of CEO since 2014
Rich Kyle became CEO of the Company in 2014.
Kyle was appointed President and Chief Executive Officer of The Timken Company in 2014.
Kyle joined the Company in 2006 and has served in multiple leadership roles of increasing responsibility during his tenure with the Company.
Since 2015, Kyle has served as a director of Sonoco Products Company, a global provider of consumer packaging, industrial products, protective solutions, and display and packaging services, and is a member of its Audit and Governance and Nominating Committees and Chair of its Executive Compensation Committee.
No statement by Rich Kyle
In the release announcing his departure as CEO of Timken Co., Rich Kyle received praise and thanks.
The announcement of his departure as CEO does not include a statement by Rich Kyle.
The above text is an excerpt from the exechange report 14.2024 ($), publication date April 1, 2024.