Ward J. "Tim" Timken Jr. is out as the CEO of TimkenSteel Corp. Replacing him in that position, at least in the interim, is Terry L. Dunlap, who has been a director of TimkenSteel since August 2015.
In addition to stepping down as chief executive officer and president, Timken also has relinquished his position as chairman of the board of the Canton, Ohio-based steel products manufacturer.
TimkenSteel announced the leadership change Oct. 9. The transition is effective immediately.
"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," Timken said in a statement. "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."
TimkenSteel (IW 500/443) was created as the result of a spin-off from the Timken Co., which first announced a plan to separate its steel business in September 2013. The spin-off was completed in June 2014.
Dunlap, who served on the company's audit and compensation committees, also takes on the role of TimkenSteel president. John P. Reilly, the lead director of the TimkenSteel board of directors, assumes the role of chairman.
TimkenSteel announced second-quarter 2019 results in August, when it reported a net loss of $4.4 million on net sales of $336.7 million. Net sales were down 19% compared with the previous year. At that time, the company also projected a net loss of between $17 million and $27 million for the third quarter.
For the full year of 2018, TimkenSteel had a net loss of $32 million on net sales of $1.6 billion.
In taking on his new role, Dunlap said in a statement: "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."