CANTON, Ohio, May 13, 2014 /PRNewswire/ -- The Timken
Company (NYSE: TKR; www.timken.com) announced today that the Board
of Directors has named Richard G. Kyle as president and
chief executive officer of the company, effective immediately. The
board also elected John M. Timken, Jr. as chairman following
today's annual meeting of shareholders.
Kyle replaces James W. Griffith, who became president of Timken
in 1999 and chief executive officer in 2002. Griffith is retiring
from the company this year and did not stand for re-election as a
director. He will remain with the company until June 30, 2014, to assist with the leadership
transition and oversee the spinoff of TimkenSteel Corporation as an
independent publicly traded entity.
"We thank Jim Griffith for his 30
years of service to the company and wish him all the best in his
retirement," John Timken said. "As
Jim's successor, Rich Kyle is the
right person to lead our strong management team and outstanding
global organization as we pursue our growth strategy for The Timken
Company."
John Timken's role as
non-executive chairman of the board is a change to Timken corporate
governance. Ward J. "Tim" Timken, Jr., who had been executive
chairman since 2005, will serve as chairman, chief executive
officer and president of the new TimkenSteel Corporation, and will
remain a director on the Timken board.
Kyle began his career at Timken in 2006 as vice president of
manufacturing and was named president of the aerospace and mobile
industries segments in 2008. In 2012, Kyle was named group
president, responsible for the aerospace and steel segments as well
as the engineering and technology organization. He was named
chief operating officer of the company in September 2013, and has been a director since
November 2013.
John Timken is a private investor
and entrepreneur and has participated in a number of successful
ventures in a variety of industries. He joined the board in 1986
and has played a major role in the company's strategic drive to add
product lines that complement its bearing product portfolio,
including its acquisition of The Torrington Company in 2003.
Tim Timken began his career in
1992 in the company's steel business. He was elected to the board
in 2002, and served as vice chairman and president of the steel
business prior to being named chairman of the company in 2005.
Annual Meeting Results
In other matters of business
conducted at today's annual meeting, the Company also announced
that shareholders elected the following directors to new one-year
terms:
- Phillip R. Cox
- Diane C. Creel
- Richard G. Kyle
- John A. Luke, Jr.
- Christopher L. Mapes
- Joseph W. Ralston
- John P. Reilly
- Frank C. Sullivan
- John M. Timken, Jr.
- Ward J. Timken, Jr.
- Jacqueline F. Woods
Shareholders also supported the company's 2013 "Say-on-Pay"
vote, ratified the appointment of Ernst & Young LLP as
independent auditor, and voted against a shareholder proposal
requiring that the chair be an independent member of the board.
"We thank our shareholders for their support and ongoing
interest in the company. We have a strong, independent board that
remains focused on continuing to generate value in the best
interests of our shareholders," John
Timken said.
About The Timken Company
The Timken Company
(NYSE: TKR; www.timken.com), a global industrial technology leader,
applies its deep knowledge of materials, friction management and
power transmission to improve the reliability and efficiency of
industrial machinery and equipment all around the world. The
company engineers, manufactures and markets mechanical components
and high-performance steel. Timken® bearings, engineered
steel bars and tubes—as well as transmissions, gearboxes, chain,
related products and services—support diversified markets
worldwide. With sales of $4.3
billion in 2013 and approximately 19,000 people operating
from 28 countries, Timken makes the world more productive and keeps
industry in motion.
Media
Contact:
|
Investor
Contact:
|
Pat
Carlson-Burnham
|
Steve
Tschiegg
|
Global Media
Relations
|
Director – Capital
Markets & Investor Relations
|
4500 Mount Pleasant
Ave. N.W.
|
4500 Mount Pleasant
Ave. N.W.
|
North Canton, OH
44720 U.S.A.
|
North Canton, OH
44720 U.S.A.
|
Telephone:
(330)471-3514
|
Telephone:
(330)471-7446
|
pat.carlson@timken.com
|
steve.tschiegg@timken.com
|
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SOURCE The Timken Company