With the stock at TimkenSteel plummeting to almost a third of its value from a year ago, Ward ‘Tim’ Timken is out as CEO.
Ohio First posted “BREAKING NEWS….Jane Timken husband, Tim forced to resign from the family business. Shockwaves Expected. $4M Salary Gone.”
Terry Dunlap has been chosen as interim CEO and President. Stocks fell to $6.02 on Tuesday. By Wednesday it was down to $5.37. A year ago it was $14.25.
In a statement from Timken reported by the Dispatch, he said, “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.”
“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,” Timken continued. “I am proud of what we have been able to accomplish together and remain confident in the long-term success of TimkenSteel.”
American Iron and Steel Institute (AISI), an organization with which Timken has long been affiliated, provided a public statement.
Tim Timken is one of the longest-serving directors at AISI, and he has been a strong voice and effective advocate for the steel industry. Tim joined the AISI Board in 2004 and served as our chairman from 2007-2008, where he helped guide the industry and the Institute through a very challenging period. In recognition of his outstanding leadership, AISI awarded Tim our highest honor – the Gary Medal – in May of 2009. In receiving this honor, Tim was recognized not only for his leadership in furthering the interests of the steel industry and North American manufacturing, but also his vision for a strong, policy-focused Institute. Tim also served as vice-chairman of AISI from 2006-2007, 2009-2010 and 2017-2019. We will always be grateful for Tim’s commitment, and the time and energy he dedicated to keeping the steel industry at the forefront in the public policy arena. I appreciate his guidance, support and friendship over the past eleven years.”
Timken’s wife is Jane Timken, Chair of the Ohio Republican Party.
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Beth Lear is a reporter at The Ohio Star. Follow Beth on Twitter. Email tips to [email protected].
Photos by TimkenSteel.
