Timken names Tarak Mehta as CEO; Kyle to retire and become advisor

TIMKEN CO

Tarak Mehta appointed CEO effective Sept 5, 2024; Richard Kyle to retire as CEO and serve as advisor through Feb 15, 2025.
Mehta receives $1.125M base salary, 120% bonus target, $5.175M equity target, $500K cash sign-on, and $2M deferred shares.
Kyle’s base salary reduced to $800K during transition; equity awards amended to continue vesting; eligible for prorated 2025 bonus.
Mehta to sign severance agreement providing 2x salary+bonus (pre-change of control) or 3x (post-change), plus standard non-compete.
Mehta expected to join the board later; no additional director compensation while CEO.

item 5.02

Executive movements

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Appointed

Tarak Mehta

President and Chief Executive Officer

TKR · TIMKEN CO

Effective: 2024-09-05
Filed: May 1, 2024, 7:59 PM ET

Tarak Mehta would be appointed CEO on September 5, 2024

Departed

Richard G. Kyle

President and Chief Executive Officer

TKR · TIMKEN CO

Effective: 2024-09-05
Successor: Tarak Mehta
Filed: May 1, 2024, 7:59 PM ET

Richard G. Kyle, President and Chief Executive Officer (“CEO”) of the Company would be retiring from his position as CEO

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Tarak Mehta was appointed as President and Chief Executive Officer at TIMKEN CO.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

Tarak Mehta would be appointed CEO on September 5, 2024

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Richard G. Kyle departed as President and Chief Executive Officer at TIMKEN CO.

Action: retiring
Role: President and Chief Executive Officer

Exact text from the filing

Richard G. Kyle, President and Chief Executive Officer (“CEO”) of the Company would be retiring from his position as CEO

View on SEC.gov

TIMKEN CO filing history →

Source: SEC EDGAR

accession 0000098362-24-000057

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