TimkenSteel announced Wednesday that Ward J. "Tim" Timken, Jr. has stepped down as Chief Executive Officer and President and as Chairman of the TimkenSteel Board of Directors. Effective immediately, the Board of Directors has appointed Terry L. Dunlap as the Company's interim Chief Executive Officer and President. John P. Reilly, the current Lead Director of the TimkenSteel Board of Directors, will immediately assume the role of Chairman of the Board.
Dunlap has been a director of TimkenSteel since August 2015 and has served on the audit committee and compensation committee of the Board of Directors. He spent 31 years with Allegheny Technologies Inc., a global leader in specialty metals, serving in various positions, most recently as executive vice president of ATI's flat-rolled products group.
Reilly is a founding member of TimkenSteel's Board of Directors since the company's spinoff in 2014, and also serves on the nominating and corporate governance committee and audit committee of the Board of Directors. Reilly has served as CEO of several companies and has served on the board of numerous public companies.