A. Eisenberg, Timken Co.s executive vice president of
finance and administration, and chief financial officer, plans
to leave the company next year when it spins off the steel
business from the bearings and power transmission
Philip D. Fracassa and
Christopher J. Holding will be chief financial officers of the
two independent publicly traded companies.
Until then, Fracassa
will manage planning and development at Timken and oversee the
project management office charged with facilitating the split
itself. Holding, who will become chief financial officer of the
new, yet-to-be-named steel company, for now will continue to
lead the tax and treasury departments.
Eisenberg, who has
been with the company for 12 years, will remain in his current
post until the split is complete.
Coughlin, group president responsible for mobile and process
industries, will continue in his current role at Timken after
Fracassa, who joined
Timken in 2005, held a variety of senior finance positions,
including vice president of tax, senior vice president of tax
and treasury, and senior vice president and group controller of
the bearings unit, before being named senior vice president of
planning and development in 2012.
Holding, who joined
Timken in 2004 as operations controller, was named industrial
controller in 2006 and controller of process industries in 2008
and was appointed senior vice president of tax and treasury in
Timkens board last week agreed to spin off the steel
business, bowing to pressure from two shareholder groups (
amm.com, Sept. 6).