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Investing.com -- Timken Company (NYSE:TKR) stock fell 9.9% in pre-market trading Monday after the engineered bearings and industrial motion technology leader announced Lucian Boldea will become its president and CEO effective September 1, 2025.
Boldea, who currently serves as President and CEO of Honeywell’s Industrial Automation segment, will succeed Richard G. Kyle, who has been serving in an interim role since March after previously leading the company from 2014 to 2024.
The incoming CEO brings over 25 years of industry experience, most recently overseeing Honeywell’s $10 billion Industrial Automation business with 31,000 employees and 70 manufacturing sites worldwide. Prior to joining Honeywell in 2022, Boldea held various executive positions at Eastman Chemical Company.
"Following a comprehensive search, the Board is confident that Lucian is the right leader to continue to advance Timken’s strategy, accelerate growth and deliver long-term returns for stakeholders," said John Timken, chairman of the Board.
Boldea holds a Ph.D. in organic chemistry from the University of Florida, an MBA in finance from the Wharton School at the University of Pennsylvania, and serves on the Board of Directors of the U.S.-China Business Council.
The significant stock decline suggests investors may have concerns about the leadership transition or timing, with Boldea not taking the helm for more than a year while Kyle continues in his interim role.
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