CANTON, Ohio, Feb. 14, 2014 /PRNewswire/ -- The Timken
Company (NYSE: TKR; www.timken.com) board of directors today
announced the appointment of Philip D. Fracassa as chief
financial officer of The Timken Company. In this role,
Fracassa will be responsible for global finance activities for
Timken, including external reporting, treasury, tax, financial
planning and analysis, internal audit, risk management and investor
relations. In addition, he will oversee information
technology and enterprise services, and maintain leadership of the
project to spin off the steel business from The Timken Company, an
initiative that is expected to be completed later this year.
(Photo: http://photos.prnewswire.com/prnh/20140214/CL65558
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(Logo:
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Fracassa replaces Glenn A. Eisenberg, executive vice
president, finance and administration, who will leave the company
at the end of the first quarter after 12 years of
service.
"Our sound succession plans have enabled us to put strong
leaders in place to successfully carry The Timken Company forward,"
said James W. Griffith, Timken president and chief
executive officer. "Phil's financial and operational
leadership skills have been further enhanced through his deep
involvement in a number of strategic initiatives, the most recent
leading all activities related to the expected separation of our
steel business. A strong leader and great collaborator,
he has a proven track record of success and is well-qualified to
guide The Timken Company's financial future."
Fracassa most recently served as senior vice president of
planning and development. He joined Timken in 2005 and has
since held a variety of senior financial leadership positions
including vice president of tax, senior vice president of tax and
treasury, and senior vice president and group controller of the
bearings and power transmission business.
Fracassa 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
the state of Michigan. In
2011, he completed the Advanced Management Program at INSEAD in
Fontainebleau, France. Currently, he serves as chairman of
the board of the Canton Regional Chamber of Commerce.
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 $4.3 billion in 2013 and
approximately 19,000 people operating from 28 countries, Timken
makes the world more productive and keeps industry in motion.
Media Contact:
Pat
Carlson-Burnham
Global Media Relations
Telephone: (330)471-3514
pat.carlson@timken.com
Investor Contact:
Steve Tschiegg
Director – Capital Markets & Investor Relations
Telephone: (330)471-7446
steve.tschiegg@timken.com
SOURCE The Timken Company