Timken Company (TKR) has issued an update.
The Timken Company is set for a leadership transition as Richard G. Kyle steps down and Tarak Mehta takes over as CEO on September 5, 2024. Mehta’s compensation package includes a $1,125,000 annual salary, target bonuses, long-term equity incentives, and other executive benefits, along with a $500,000 sign-on bonus and various stock grants. Additionally, Mehta may join the Board without extra pay and has a severance agreement in place. Meanwhile, Kyle will advise the new CEO until February 2025, with adjusted compensation and vesting provisions for his existing stock awards.
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