By Connor Hart
Timken is searching for a new top executive after Tarak Mehta stepped down from the role, citing personal reasons.
The company--which makes engineered bearings and industrial-motion products--said Monday that Richard Kyle will return as interim president and CEO until a permanent replacement is named. Kyle, who is 59, previously held the company's top role from 2014 to 2024.
As interim CEO, Kyle will be entitled to a base salary of $1.2 million. He will additionally receive a deferred share award worth $9 million, as well as two performance-based restricted stock unit awards worth a combined $3.3 million.
In connection with his departure, Mehta entered a settlement agreement with the company under which he is entitled to receive a cash payment of nearly $9.3 million.
Timken retained Crist Kolder Associates to help it find its next chief executive. The company will consider both internal and external candidates, it said.
Shares edged 1.5% lower, to $70.79, in after-hours trading. Through Monday's close, the stock is down 18% in the past year.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 31, 2025 16:54 ET (20:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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