By Colin Kellaher
Timken shares are trading at a 52-week low Tuesday following the abrupt departure of Chief Executive Tarak Mehta after just six months at the helm of the maker of engineered bearings and industrial motion products.
Shares of the North Canton, Ohio, company were recently changing hands at $67.32, down 6.3%, after touching a 52-week low of $67.24 earlier in the session.
Timken on Monday said Mehta, who joined as CEO in September after 26 years with Swiss engineering company ABB, left by mutual agreement for personal reasons and would receive a $9.25 million settlement payment.
The Canton Repository, citing a Timken spokesman, reported that personal matters had prevented Mehta from relocating to the company's headquarters.
Raymond James analyst Tim Thein said Mehta, as the first outsider to run Timken, was expected to bring a fresh set of eyes to the company with a focus on reshaping its portfolio, and that his departure is a setback, coming at a difficult time given macro uncertainty.
Timken said Richard Kyle, who had handed the reins to Mehta last year after serving as CEO since 2014, will retake the post on an interim basis while the company searches for a successor.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 01, 2025 10:36 ET (14:36 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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