Timken appoints Michael A. Discenza as chief financial officer

The Timken Company (NYSE:TKR), a profitable manufacturer with a market capitalization of $5.4 billion and strong financial health according to InvestingPro metrics, announced Thursday the appointment of Michael A. Discenza as vice president and chief financial officer, effective immediately. The decision follows the planned departure of Philip D. Fracassa, who will remain with the company until September 5, 2025, to facilitate the transition. According to a press release statement, Fracassa is leaving to pursue another opportunity and his departure is not related to any financial or accounting issues or disagreements with the board. The company maintains robust financials with a healthy current ratio of 3.13 and an Altman Z-Score of 3.79, indicating strong financial stability.

Discenza, 54, has worked at Timken for over 25 years in various finance and accounting roles. Most recently, he served as vice president – finance and group controller since October 2022. He previously held the position of vice president and group controller from March 2018 to October 2022. Discenza holds bachelor’s and master’s degrees in economics from The University of Akron and is a certified management accountant.

Timken’s board approved a compensation package for Discenza that includes an annual base salary of $500,000. He will participate in the company’s annual short-term incentive program for executive officers, with a target award equal to 70% of his base salary, and his 2025 bonus will be calculated on a pro-rata basis. Beginning in 2026, he will participate in the company’s long-term equity incentive program, with a target grant date value of approximately $1.1 million for the first year. Discenza will also receive standard benefits and perquisites for executive officers.

As part of his appointment, Discenza will enter into a revised severance agreement, which provides for a cash severance payment equal to one times his base salary and incentive pay if he experiences a qualifying termination before a change in control, and one and a half times those amounts if such a termination occurs within two years after a change in control. He has also entered into confidentiality, non-competition, and non-solicitation agreements, as well as the company’s standard indemnification agreement for officers.

This information is based on a statement included in the company’s recent SEC filing.

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 showed a slight decline compared to the previous year. Timken has provided guidance for 2025, projecting a revenue decline of approximately 1% and EPS guidance between $5.10 and $5.40. Additionally, Timken has announced a quarterly cash dividend of 35 cents per share, payable on August 29, 2025, to shareholders of record as of August 19, 2025. In a leadership change, Michael A. Discenza has been appointed as the new vice president and chief financial officer, succeeding Philip D. Fracassa. Discenza has been with Timken for 25 years and previously served as vice president, finance, and group controller. These developments reflect the company’s ongoing financial strategies and leadership transitions.

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