CANTON, Ohio, Sept. 9, 2013 /PRNewswire/ -- The Timken
Company (NYSE: TKR; www.timken.com) today announced that
Glenn A. Eisenberg, executive vice
president of finance and administration and chief financial
officer, plans to leave the company next year when it separates the
steel business from its bearings and power transmission (B&PT)
business via a spinoff. At that time, Philip D. Fracassa and Christopher J. Holding will be named chief
financial officers of the two independent publicly traded
companies.
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Until Fracassa becomes chief financial officer of the
$3.4 billion* global bearings
and power transmission-focused Timken Company, he will continue to
lead planning and development at Timken and assumes new
responsibility for overseeing the project management office charged
with facilitating the split of the two businesses.
Christopher A. Coughlin, group
president responsible for mobile and process industries;
William R. Burkhart, senior vice president and general
counsel; and J. Ted Mihaila, senior vice president and
controller, will continue in their roles at The Timken Company
beyond the separation.
Also at the time of the split, Christopher J. Holding is expected to become
chief financial officer, and Donald L.
Walker will become senior vice president of human resources
of the new $1.7 billion*
engineered steel company. Until then, Holding continues to
lead tax and treasury and Walker retains his same role within The
Timken Company.
Eisenberg remains in his current position at Timken until the
separation is complete, at which time he plans to leave after 12
years of service. "I'm very pleased with the company's
accomplishments over the years, and feel that the timing is right
for the next generation of leaders to take over the new companies,"
Eisenberg said. "It's been gratifying to be able to attract
Phil and Chris to the company and watch them advance through a
number of senior financial leadership positions. Both are
highly qualified and certainly ready for their new leadership
positions."
"Glenn and I have worked directly together for over 11 years, as
the company has transformed into a more diversified company,
generating superior financial performance and shareholder value,"
said James W. Griffith, president
and chief executive officer. "We also have sound succession
plans that have enabled us to put strong leaders in place to
successfully take the two independent companies forward."
Fracassa was named senior vice president – planning and
development in 2012. He joined Timken in 2005 and held a
variety of senior finance positions including vice president of
tax, senior vice president of tax and treasury, and senior vice
president and group controller of B&PT. He holds a bachelor's
degree in accounting from the University of
Detroit, a juris doctor degree from the University of Detroit Mercy School of Law, and is a
certified public accountant. In 2011, he completed the Advanced
Management Program at INSEAD.
Holding was named senior vice president of tax and treasury in
2010. He joined the company in 2004 as operations controller
and was named industrial controller in 2006. He was
controller of process industries from 2008 until he was named to
his present position. Holding earned his bachelor's and
master's degrees from the University of
Cincinnati and is a certified public accountant.
Other appointments will be announced as senior leaders determine
future organizational structures, management teams and staffing for
the two stand-alone companies.
About The Timken Company
The Timken Company
(NYSE: TKR; www.timken.com), a global industrial technology leader,
applies its deep knowledge of materials, friction management and
power transmission to improve the reliability and efficiency of
industrial machinery and equipment all around the world. The
company engineers, manufactures and markets mechanical components
and high-performance steel. Timken® bearings,
engineered steel bars and tubes—as well as transmissions,
gearboxes, chain, related products and services—support diversified
markets worldwide. With sales of $5.0 billion in 2012 and approximately
20,000 people operating from 30 countries, Timken makes the world
more productive and keeps industry in motion.
Media Contact:
Pat
Carlson
Global Media Relations
1835 Dueber Avenue, S.W.
Canton, OH 44706-0927 U.S.A.
Telephone: (330)471-3514
pat.carlson@timken.com
Investor Contact:
Steve Tschiegg
Director – Capital Markets & Investor Relations
1835 Dueber Avenue, S.W.
Canton, OH 44706-0927 U.S.A.
Telephone: (330)471-7446
steve.tschiegg@timken.com
SOURCE The Timken Company