Timken (TKR) Announces CEO Retirement

On March 26, 2024, Richard G. Kyle, President and Chief Executive Officer of Timken (NYSE: TKR) and member of the Company’s Board of Directors (the “Board”), notified the Company of his intention tretire from his position as President and Chief Executive Officer. Mr. Kyle will remain on the Board following his retirement.

In connection with Mr. Kyle’s notification, the Company has reached an agreement with Tarak Mehta to become the President and Chief Executive Officer of the Company on September 5, 2024 following the conclusion of a negotiated transition period with his current employer (the “Appointment Date”). Mr. Mehta, age 57, currently serves as President, Motion Business Area and a Member of the Group Executive Committee of ABB Ltd, a technology leader in electrification and automation. During his 26-year career with ABB, Mr. Mehta has held a variety of roles of increasing responsibility, including President Electrification Products (2015-2022) and President Low Voltage Products (2010-2015), among others. Mr. Mehta is expected to be appointed to the Board of the Company at a later date.

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