TimkenSteel TMST, -2.66% said Wednesday it has named Terry Dunlap as interim chief executive, replacing Tim Timken, who is stepping down. John Reilly, who is currently lead director of the board, will assume the role of chairman, with immediate effect. “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. Dunlap has been a director at the company since Aug. 2015 and has served on the audit committee and compensation committee. The executive also did a stint at Allegheny Technologies Inc. TimkenSteel shares were not active premarket, but have fallen 33% in 2019, while the S&P 500 SPX, -1.56% has gained 15%.