Beacon Journal staff report
Timken Co. has a new chief financial officer. The Canton maker of bearings and steel said Friday that Philip D. Fracassa will succeed Glenn A. Eisenberg, who will leave Timken by the end of March after 12 years with the company.
Fracassa joined Timken in 2005, and most recently was senior vice president of planning and development.
He will be responsible for global finance activities for Timken, including external reporting, treasury, tax, financial planning and analysis and more, the company said. He also will oversee information technology and enterprise services, and maintain leadership of the project to spin off Timken’s steel business later this year.
That spinoff, with the new company to be called TimkenSteel Corp., is expected to take place by July 1.
“Our sound succession plans have enabled us to put strong leaders in place to successfully carry the Timken Co. forward,” James W. Griffith, president and chief executive officer, said in a statement. “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.”
Griffith also has announced plans to retire from Timken this year once the spinoff is complete.
Fracassa, a certified public accountant, holds a bachelor’s degree in accounting from the University of Detroit and a law degree from the University of Detroit Mercy School of Law. He is the current chairman of the board of the Canton Regional Chamber of Commerce.