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NORTH CANTON, Ohio - The Timken Company (NYSE:TKR), currently valued at $5.6 billion, announced Thursday the appointment of Michael A. Discenza as vice president, chief financial officer and an officer of the company, effective immediately.
Discenza, who has been with Timken for 25 years, previously served as vice president, finance, and group controller for the past decade. He succeeds Philip D. Fracassa, who is leaving the company to pursue another opportunity. According to InvestingPro data, Discenza takes the helm of finance at a time when the company maintains strong liquidity with a current ratio of 3.13.
"Mike is an exceptional leader with strong financial expertise, strategic vision and a commitment to operational excellence," said Richard G. Kyle, president and CEO of Timken, in a press release statement.
During his tenure at Timken since 2000, Discenza has held various financial and accounting leadership positions. His experience includes accounting, external reporting, financial planning and analysis, and investor relations. He holds bachelor’s and master’s degrees in economics from The University of Akron and is a certified management accountant.
Fracassa served as chief financial officer for nearly 12 years before his departure.
Timken, a global technology leader in engineered bearings and industrial motion, reported $4.6 billion in sales in 2024. The company employs approximately 19,000 people globally and operates in 45 countries. InvestingPro analysis shows the company has maintained dividend payments for 55 consecutive years, with 11 years of consecutive increases. Get access to over 10 additional exclusive ProTips and comprehensive financial metrics with InvestingPro’s detailed research report.
In other recent news, The Timken Company reported its second-quarter earnings for 2025, surpassing analyst expectations with an adjusted earnings per share (EPS) of $1.42, compared to the forecast of $1.37. The company’s revenue reached $1.17 billion, also exceeding expectations, although it was slightly down from the previous year. Timken has issued a cautious outlook for 2025, with a projected revenue decline of about 1% and EPS guidance ranging from $5.10 to $5.40. Additionally, Timken’s board of directors declared a quarterly cash dividend of 35 cents per share, payable on August 29, 2025, to shareholders of record as of August 19, 2025.
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