Timken, Now Metallus, Offers At Least $4.25 Million First Year to New COO, Creates Two Executive Positions

Timken Creates Two Executive Positions, Offers New COO At Least $4.25 Million First Year Package

The Timken Company is restructuring its senior leadership and offering its incoming chief operating officer a first year target compensation package worth at least $4.25 million, including salary, incentive compensation, stock awards and signing benefits.

The North Canton headquartered manufacturer announced July 31 that it created two companywide executive positions, chief operating officer and chief commercial officer, as part of a new structure intended to bring its global operations and sales organizations under more centralized leadership.

Steve Ribaudo, 41, will join Timken as executive vice president and chief operating officer effective Sept. 1. Timken’s board approved his appointment July 29, according to a Form 8 K filed with the U.S. Securities and Exchange Commission.

Ribaudo will receive an annual base salary of $670,000. He will also participate in Timken’s annual executive incentive program with a target bonus equal to 80% of his earned salary, which would equal $536,000 based on his current salary rate. Although Ribaudo will not begin working for Timken until September, the company said his 2026 incentive payment will be calculated as though he had been employed since Jan. 1. The bonus is not guaranteed because the actual payment will depend on company performance and the terms of Timken’s incentive program.

Ribaudo will also receive a first year long term equity award valued at no less than $1.794 million. The award will include restricted stock units that generally vest in portions over four years and performance based stock units tied to Timken’s results during the 2026 through 2028 performance period. Additional compensation includes a $250,000 cash signing payment and a $1 million restricted stock award intended to replace compensation Ribaudo is leaving behind at his former employer. The $1 million replacement award will generally vest in thirds over his first three years with Timken.

The five disclosed components have a combined target value of at least $4.25 million. That includes $670,000 in annual salary, a $536,000 target bonus, at least $1.794 million in first year long term equity, the $250,000 signing payment and the $1 million replacement stock award.

The total should not be interpreted as guaranteed cash compensation or money Ribaudo will receive immediately. More than half of the package consists of stock that must vest over several years, while the annual bonus and some of the equity compensation depend on future company performance.

Ribaudo will also receive severance protections. If he experiences a qualifying termination before a change in control of Timken, he would generally be eligible for cash severance equal to his salary plus his target annual bonus, currently a combined $1.206 million, along with up to one year of continued health coverage and other benefits.

If a qualifying termination occurs within two years after a change in control, the cash severance would generally increase to twice his salary and target bonus, currently approximately $2.412 million, along with up to two years of continued medical, dental and vision coverage.

As chief operating officer, Ribaudo will oversee Timken’s multinational manufacturing footprint, enterprise operations, purchasing, supply chains, operational improvement initiatives and companywide profit and loss responsibility.

Ribaudo most recently served as senior vice president and general manager of Commercial HVAC for the Americas at Carrier Global Corporation. He previously held senior positions with Carrier and led wheel and brake operations at Collins Aerospace.

Tim Graham, a Timken executive with more than 20 years at the company, will move from his position as executive vice president and president of the Industrial Motion business into the newly created position of executive vice president and chief commercial officer.

Graham will oversee Timken’s companywide commercial strategy, marketing, sales performance and regional revenue growth. Timken said he will bring its sales operations together as a unified global sales force. The company did not disclose a new salary or compensation package for Graham in the announcement or SEC filing.

The changes place Timken’s worldwide manufacturing, supply chain and operating performance under Ribaudo while putting its global sales and commercial strategy under Graham. Timken said the structure is intended to improve decision making, execution and accountability across its businesses and geographic regions.

Timken remains an important corporate employer in Stark County because its world headquarters, executive offices, research operations and multiple corporate departments are located in North Canton. The company’s headquarters complex includes engineering, research and development, supply chain, sales, marketing, customer service, legal, accounting, human resources and executive leadership functions.

When Timken completed a major renovation and expansion of the headquarters complex in 2014, the company said the facility brought together more than 1,000 employees. Timken has not released a current Stark County employment total with the new leadership announcement, so the 1,000 employee figure should not be presented as its present local headcount. Worldwide, Timken reported approximately 19,000 employees in 45 countries and $4.6 billion in sales during 2025.

The company was founded in St. Louis in 1899 by Henry Timken and his sons after Henry Timken developed and patented an improved tapered roller bearing. The company relocated to Canton in 1901, beginning a relationship with Stark County that has continued for more than 125 years. Timken eventually expanded beyond automotive bearings into products and systems used in aerospace, defense, rail, energy, mining, construction, automation and other industrial markets. In 2014, the company separated its steel manufacturing business into an independent publicly traded company, while The Timken Company continued concentrating on bearings, power transmission and industrial motion products.