Timken Announces Planned Departure of Executive Vice President; Additional Leaders Named
09/09/2013 - The Timken Company announced that Glenn A. Eisenberg, executive vice president of finance and administration and chief financial officer, plans to leave the company next year when it separates the steel business from its bearings and power transmission (B&PT) business via a spinoff.
At that time, Philip D. Fracassa and Christopher J. Holding will be named chief financial officers of the two independent publicly traded companies.
Until Fracassa becomes chief financial officer of the US$3.4 billion global bearings and power transmission-focused Timken Company, he will continue to lead planning and development at Timken and assumes new responsibility for overseeing the project management office charged with facilitating the split of the two businesses. Christopher A. Coughlin, group president responsible for mobile and process industries; William R. Burkhart, senior vice president and general counsel; and J. Ted Mihaila, senior vice president and controller, will continue in their roles at The Timken Company beyond the separation.
Also at the time of the split, Christopher J. Holding is expected to become chief financial officer, and Donald L. Walker will become senior vice president of human resources of the new US$1.7 billion engineered steel company. Until then, Holding continues to lead tax and treasury and Walker retains his same role within The Timken Company.
Eisenberg remains in his current position at Timken until the separation is complete, at which time he plans to leave after 12 years of service. "I'm very pleased with the company's accomplishments over the years, and feel that the timing is right for the next generation of leaders to take over the new companies," Eisenberg said. "It's been gratifying to be able to attract Phil and Chris to the company and watch them advance through a number of senior financial leadership positions. Both are highly qualified and certainly ready for their new leadership positions."
"Glenn and I have worked directly together for over 11 years, as the company has transformed into a more diversified company, generating superior financial performance and shareholder value," said James W. Griffith, president and chief executive officer. "We also have sound succession plans that have enabled us to put strong leaders in place to successfully take the two independent companies forward."
Fracassa was named senior vice president – planning and development in 2012. He joined Timken in 2005 and held a variety of senior finance positions including vice president of tax, senior vice president of tax and treasury, and senior vice president and group controller of B&PT. He holds a bachelor's degree in accounting from the University of Detroit, a juris doctor degree from the University Of Detroit Mercy School Of Law, and is a certified public accountant. In 2011, he completed the Advanced Management Program at INSEAD.
Holding was named senior vice president of tax and treasury in 2010. He joined the company in 2004 as operations controller and was named industrial controller in 2006. He was controller of process industries from 2008 until he was named to his present position. Holding earned his bachelor's and master's degrees from the University of Cincinnati and is a certified public accountant.
Other appointments will be announced as senior leaders determine future organizational structures, management teams and staffing for the two stand-alone companies.
The Timken Company, a global industrial technology leader, applies its deep knowledge of materials, friction management and power transmission to improve the reliability and efficiency of industrial machinery and equipment all around the world. The company engineers, manufactures and markets mechanical components and high-performance steel. Timken® bearings, engineered steel bars and tubes—as well as transmissions, gearboxes, chain, related products and services—support diversified markets worldwide. With sales of US$5.0 billion in 2012 and approximately 20,000 people operating from 30 countries, Timken makes the world more productive and keeps industry in motion.
