CANTON, Ohio, Nov. 11, 2010 /PRNewswire-FirstCall/ -- The
Timken Company (NYSE: TKR) today announced that Michael C. Arnold, executive vice president and
president of the Bearings and Power Transmission (B&PT) Group,
intends to leave the company at the end of the year. He has
accepted a new position as president and CEO of a private
equity-owned firm. Arnold will officially retire from Timken
on December 31, 2010, following more than 31 years with the
company.
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"Mike has had a long and successful career with Timken leading
the Bearings and Power Transmission group through an evolution that
has enabled us to achieve higher sales and significant profit
improvements," said James W. Griffith, president and
chief executive officer of Timken. "We certainly wish him well in
his future endeavors.
"He leaves in place a top-notch leadership team," added
Griffith, "a high-performing group that is well-prepared to build
on the momentum, carrying the business into new markets and
expanding well beyond Timken's current product and service
portfolio." Griffith said that the company does not intend to
fill Arnold's position and noted, "The B&PT leadership team was
reorganized earlier this year, which now enables the company to
have the business segment presidents report directly to the
CEO.
"This team is quite accomplished in its own right," said
Griffith, "with deep operations, supply chain, process design,
strategy and marketplace expertise, forged both within and beyond
the company. For some time now, they have been developing and
executing our strategy exceptionally well."
Arnold joined The Timken Company in 1979 as a sales engineer in
Cleveland, Ohio. He
thereafter held a succession of sales and general management
positions with increasing responsibility. He was named vice
president – bearing business process advancement in 1998, promoted
to president – industrial in 2000 and has held his current position
since 2007.
About The Timken Company
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the
world turning with innovative friction management and power
transmission products and services, enabling our customers'
machinery to perform more efficiently and reliably. With sales of
$3.1 billion in 2009, operations in
27 countries/territories and approximately 17,000 employees, Timken
is Where You Turn® for better performance.
Media Contact: Christina
Tharp
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Manager –
Communications
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Mail Code: GNW-37
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1835 Dueber Avenue,
S.W.
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Canton, OH 44706
U.S.A.
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Telephone: (330)
471-3294
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Mobile: (330)
284-0692
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christina.tharp@timken.com
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Investor Contact: Steve
Tschiegg
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Director – Capital Markets and
Investor Relations
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Mail Code: GNE-26
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1835 Dueber Avenue,
S.W.
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Canton, OH 44706
U.S.A.
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Telephone: (330)
471-7446
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steve.tschiegg@timken.com
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SOURCE The Timken Company