Timken Co. has a new president and chief executive officer — Richard Kyle, the company’s former chief operating officer.
The Canton bearings and steel maker also named John M. Timken Jr. as non-executive chairman.
Kyle immediately succeeds James W. Griffith.
Griffith, CEO since 2002, will stay with Timken through June 30 to assist Kyle with the transition and also oversee the spinoff of Timken’s steel division as a separate publicly traded company. The spinoff of the new TimkenSteel Corp. is expected to be complete by the end of June.
Kyle started at Timken in 2006 as vice president of manufacturing. He was named president of the aerospace and mobile industries segments in 2008 and in 2012 became group president, responsible for the aerospace and steel segments as well as the engineering and technology organization.
He was promoted to chief operating officer in September 2013, and has been a director since November 2013, the company said.
Griffith, who has been with Timken for 30 years, became president in 1999.
The announcements were made at the company’s annual meeting.
The naming of John Timken as non-executive chairman is a change in the company’s corporate governance. Timken is a private investor and has been a board member since 1986.
Ward J. Timken Jr., who has been Timken Co.’s executive chairman, will lead the new TimkenSteel Corp. as chairman, CEO and president. He also will remain a Timken Co. board member.
“We thank Jim Griffith for his 30 years of service to the company and wish him all the best in his retirement,” John Timken said in a statement. “As Jim’s successor, Rich Kyle is the right person to lead our strong management team and outstanding global organization as we pursue our growth strategy for The Timken Co.”
Also, shareholders elected the following people to one-year terms as directors: Phillip R. Cox, Diane C. Creel, Richard G. Kyle, John A. Luke Jr., Christopher L. Mapes, Joseph W. Ralston, John P. Reilly, Frank C. Sullivan, John M. Timken Jr., Ward J. Timken Jr. and Jacqueline F. Woods.
Shareholders also approved a non-binding “say-on-pay” executive compensation plan, named Ernst & Young LLP as the public accounting firm, and voted down a shareholder proposal requesting Timken have an independent board chairman.