CHICAGO Glenn 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 operations.
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.
Christopher A. Coughlin, group president responsible for mobile and process industries, will continue in his current role at Timken after the separation.
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 2010.
Canton, Ohio-based Timkens board last week agreed to spin off the steel business, bowing to pressure from two shareholder groups (amm.com, Sept. 6).