The
Timken Company has 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.
Once that happens, Philip D. Fracassa and Christopher J. Holding will be named chief financial officers of the two independent publicly traded companies.
Until that time, Fracassa will continue to lead planning and development at
Timken and will assume 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. Until then, Holding continues to lead tax and treasury and Walker retains his same role within The
Timken Company.
Eisenberg will remain in his current position at
Timken until the separation is complete, at which time he plans to leave after 12 years of service.
Other appointments will be announced as senior leaders determine future organizational structures, management teams and staffing for the two stand-alone companies.