Canton, Ohio-based Timken (NYSE:TKR) will soon separate out its steel business from its bearings and power transmission business, creating two publicly traded companies out of the parent. Neither Timken's current CEO nor its current CFO will be in charge of either of them.
On Monday, Timken announced that post-spinoff, Philip D. Fracassa will become chief financial officer of its $3.4 billion (in annual revenue) global bearings and power transmission business. Fracassa currently serves as Timken's senior vice president for planning and development, a position he has held since 2012. Also remaining with the bearings business post-separation will be:
- Christopher A. Coughlin, group president for mobile and process industries.
- William R. Burkhart, senior vice president and general counsel.
- J. Ted Mihaila, senior vice president and controller.
Richard G. Kyle, who was recently appointed Timken's chief operating officer for bearings and power transmission, will become CEO of this division once it becomes an independent company.
Moving to the separated-out $1.7 billion engineered steel business will be Christopher J. Holding as new CFO. Donald L. Walker will become senior vice president of human resources at the steel company. And Ward J. Timken Jr., currently chairman of the board, will become the CEO of the independent steel business.
Timken CEO James W. Griffith will retire. As for Glenn A. Eisenberg, CFO of the parent company, he will be wrapping up his 12-year career with Timken as well, and leaving the company entirely once the spinoff is complete.
"I'm very pleased with the company's accomplishments over the years," said Eisenberg in a statement, "and feel that the timing is right for the next generation of leaders to take over the new companies."