CANTON, Ohio May 10, 2011 /PRNewswire/ -- The Timken Company
(NYSE: TKR) today held its 107th Annual Meeting of Shareholders at
its global headquarters in Canton,
OH. Shareholders re-elected three members of the board of
directors for two-year terms that will expire at the 2013 Annual
Meeting: John M. Ballbach, president and chief executive
officer of VWR International, LLC; Phillip
R. Cox, president and chief executive officer of Cox
Financial Corporation; and Ward J. Timken,
Jr., chairman of the board.
The remaining eight directors will continue to serve until the
expiration of their respective terms. They are:
- James W. Griffith, president and
chief executive officer of The Timken Company;
- John A. Luke, Jr., chairman and
chief executive officer of MeadWestvaco Corporation;
- Joseph W. Ralston, vice chairman
of The Cohen Group;
- John P. Reilly, retired
chairman, president and chief executive officer of Figgie
International;
- Frank C. Sullivan, chairman and
chief executive officer of RPM International Inc.
- John M. Timken, Jr., private
investor;
- Ward J. Timken, president of The
Timken Foundation of Canton;
and
- Jacqueline F. Woods, retired
president of Ameritech Ohio.
In other business conducted at the meeting, shareholders:
- Ratified the selection of Ernst & Young LLP as the
independent auditor for the year ending December 31, 2011;
- Approved the 2011 long-term incentive plan and compensation for
executive officers named in the Proxy Statement; and
- Recommended an annual advisory vote on compensation for
executive officers named in the Proxy Statement.
The company also announced today that the board increased the
dividend paid to shareholders to 20
cents per share, reflecting the company's strong
first-quarter performance and outlook for record earnings this
year.
"Ten years ago, we set out to transform the company to create
greater value for our customers and shareholders," said
James W. Griffith, Timken president
and chief executive officer. "Our strategy is working and the new
Timken Company is positioned to grow in diverse, attractive markets
and generate superior returns."
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) keeps the world
turning with innovative friction management and power transmission
products and services that are critical to help hard-working
machinery to perform efficiently and reliably. With sales of
$4.1 billion in 2010 and operations
in 29 countries with approximately 20,000 people, Timken is Where
You Turn® for better performance.
Contacts - Media: Lorrie Paul
Crum, Ofc: 330.471.3514; Mob: 330.224.5021.
lorrie.crum@timken.com; Investors: Steve
Tschiegg, Ofc: 330.471.7446. steve.tschiegg@timken.com, The
Timken Company.
SOURCE The Timken Company