Bearings manufacturer the Timken Company has announced that, after more than 41 years with the company, J. Ted Mihaila, senior vice president and corporate controller, will retire December 1, 2016. In connection with his retirement, Shelly M. Chadwick has been appointed vice president finance and chief accounting officer, effective November 1, 2016.
“Ted retires from the company after a distinguished career marked by significant achievements in the finance area that have contributed to the overall success of the company,” said Timken Executive President and Chief Financial Officer Philip D. Fracassa. “We appreciate Ted's steady hand over the years and wish him the best in retirement.”
“At the same time, we're pleased to expand Shelly's responsibilities to include the role of chief accounting officer,” added Fracassa. “Shelly has strong financial acumen and leadership skills and has delivered impressive results during her tenure with Timken. She will inherit a strong team and continue our efforts to drive financial compliance and improved performance on a global basis.”
Chadwick joined Timken in 2011 and served as assistant corporate controller, and in 20013 she became controller of the company's Process Industries segment. She was named vice president of treasury in 2014, with her responsibilities later expanding to investor relations. Prior to joining Timken, Chadwick was vice president of finance and chief financial officer at Eckart America and previously held financial leadership roles at Noveon Inc. and BF Goodrich.
Chadwick earned a bachelor's degree in business management and finance from Westfield State University and a master's degree in business administration from Anna Maria College.
A member of Financial Executives International, Chadwick serves on the board of directors of ArtsinStark, a non-profit organization that raises awareness of the value of arts in the community, and is a charter member for the local chapter of Zonta International, which focuses on advancing the status of women worldwide.
Mihaila joined Timken in 1975, holding a number of accounting and finance positions, including manager of accounting, general manager of business economics, director of internal audit and vice president and controller for the company's former Industrial Bearings segment. He was appointed senior vice president and corporate controller in 2006.
Mihaila currently serves on the board of directors of Habitat for Humanity East Central Ohio and is a member of the advisory boards of The University of Akron's George W. Daverio School of Accountancy and Walsh University's DeVille School of Business.