Changeover of CEO at TimkenSteel

TimkenSteel promulgated the changeover of CEO where Terry L. Dunlap is appointed as the new Company's interim Chief Executive Officer & President and John P. Reilly, the current Lead Director is designated as new Chairman of the board by the Board of Directors. Ward J. Tim Timken, Jr. has stepped down as Chief Executive Officer and President as well as the Chairman of the TimkenSteel Board of Directors.

"In an effort to revitalize both the near-term performance and long-term potential of TimkenSteel, now is the time for new leadership at the Company. While stepping down as CEO is not an easy decision, it has been a true privilege for me to lead TimkenSteel on its journey as an independent public company. As a member of the Timken family and CEO for the past five years, I want to thank all employees for their dedication and commitment. I am proud of what we have been able to accomplish together and remain confident in the long-term success of TimkenSteel,” professed Tim Timken.

Dunlap joined TimkenSteel in 2015 as director and has also worked in the audit and compensation committee of the Board of Directors. He played vital role in enhancing ing TimkenSteel's business, including sales, marketing, manufacturing and operations, supply chain, procurement and information technology. Prior to Timken, he has served companies like Matthews International, Ampco-Pittsburgh and most recently Allegheny Technologies Inc for 31 years where he worked as executive vice president of ATI's flat-rolled products group.

The Board would like to thank Tim Timken for his service and leadership to the Company, and we wish him well in his future endeavors.

Commenting on his new role & responsibilities, Dunlap said, “I look forward to leading TimkenSteel and improving shareholder value by engaging with customers, suppliers and employees to improve operating performance and deliver consistent profitable growth at the Company. TimkenSteel has a strong portfolio of operating assets, high-quality products, and a dedicated and talented workforce. I am committed to working closely with the leadership team and all employees to build on the strengths of the Company to achieve our long-term potential. The Board and I will be focusing on the greatest opportunities for success and capitalizing on the Company's strengths”.

On the other hand, Reilly is the founding member of TimkenSteel's Board of Directors since the Company's spinoff in 2014, and also worked on the nominating & corporate governance committee and audit committee of the Board of Directors. Before joining Timken, he has worked with various reputed public firms.

“The Board would like to thank Tim Timken for his service and leadership to the Company, and we wish him well in his future endeavors. We are confident that Terry's more than 30 years of experience in the industry, with a track record of successful leadership and a deep knowledge of our business, uniquely positions him to lead TimkenSteel at this time. The Board is committed to pursuing a strategy focused on strengthening TimkenSteel's market position and generating shareholder value for the long term,” averred Reilly.