NORTH CANTON, Ohio,
Aug. 13, 2015 /PRNewswire/
-- The board of directors of The Timken Company (NYSE: TKR;
www.timken.com), the world leader in tapered roller bearings, today
elected James F. Palmer, retired CFO
of Northrop Grumman Corp., a director of the company for a term
that will expire at its May 2016
annual meeting. The election brings The Timken Company board to 12
directors.
"We're pleased to add Jim to our board. His financial expertise
and history of successful leadership in global corporations will be
of great benefit as we continue our focus on driving shareholder
value," said John M. Timken, Jr.,
chairman of The Timken Company's board of directors. "We welcome
his insights and his expertise to the Timken board."
During his 45-year career in finance, Palmer acquired extensive
experience in leading change, transforming and restructuring
complex businesses, mergers and acquisitions, capital markets and
capital deployment. For the eight years prior to his retirement in
2015, Palmer served as corporate vice president and chief financial
officer of Northrop Grumman Corporation, a $24 billion global security company headquartered
in Falls Church, Va. He was
responsible for the company's overall business management function,
which included controller, treasury, contracts and pricing,
financial planning, tax, internal audit, investor relations and
pension investments.
Palmer's career also includes positions as senior vice president
and chief financial officer of Visteon Corporation in Detroit; senior vice president and president
of Boeing Capital Corporation, a subsidiary of The Boeing Company
in Seattle; and senior vice
president and chief financial officer of McDonnell Douglas
Corporation in St. Louis. He began
his career as an audit partner with Ernst & Young in
St. Louis. A certified public
accountant and a member of the Financial Executive Institute,
Palmer received a bachelor's degree in accounting from Southeast Missouri State University.
About The Timken Company
The Timken Company
(NYSE: TKR; www.timken.com) engineers, manufactures and markets
bearings, transmissions, gearboxes, chain and related products, and
offers a spectrum of powertrain rebuild and repair services. The
leading authority on tapered roller bearings, Timken today applies
its deep knowledge of metallurgy, tribology and mechanical power
transmission across a variety of bearings and related systems to
improve reliability and efficiency of machinery and equipment all
around the world. The company's growing product and services
portfolio features many strong industrial brands including
Timken®, Fafnir®, Philadelphia
Gear®, Drives® and Interlube™. Known for its
quality products and collaborative technical sales model, Timken
posted $3.1 billion in sales in
2014. With 14,000 employees operating from 28 countries, Timken
makes the world more productive and keeps industry in motion.
Media
Contact:
Gloria
Irwin
Communications
Manager
Telephone:
234.262.3514
mediarelations@timken.com
|
Investor
Relations:
Shelly
Chadwick
Vice President –
Treasury & Investor Relations
Telephone:
234.262.3223
shelly.chadwick@timken.com
|
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SOURCE The Timken Company