Ward J. “Tim” Timken Jr. is stepping down as chief executive officer and president of TimkenSteel board of directors effective immediately, according to News 5 media partner Ohio.com.
“In an effort to revitalize both the near-term performance and long-term potential of TimkenSteel, now is the time for new leadership at the company. While stepping down as CEO is not an easy decision, it has been a true privilege for me to lead TimkenSteel on its journey as an independent public company,” Timken said. “As a member of the Timken family and CEO for the past five years, I want to thank all employees for their dedication and commitment. I am proud of what we have been able to accomplish together and remain confident in the long-term success of TimkenSteel.”
Timken made $4.7 million in total compensation, with most of that coming from stock options. His base salary was $886,830 with a $309,870 bonus, $1.5 million in stock options and $1.9 million in stock, according to Ohio.com.
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