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Timken names new chairman

Timken names new chairman

Saturday, August 6, 2005 By G. PATRICK KELLEY Repository business editor

CANTON — W. J. “Tim” Timken Jr., 38, has been named chairman of the company his great-great-grandfather founded in 1899.

The board of directors’ appointment is effective Monday and follows the Senate confirmation of his uncle, W.R. “Tim” Timken Jr. as U.S. ambassador to Germany. The senior Timken’s resignation as chairman and member of the Timken board is effective Aug. 14.

The new chairman joined the company in 1992 and was elected to the board in 2002. In April 2005, he was named vice chairman while continuing to serve as president of the company’s Steel Group.

After the company went public in 1922, it began hiring professional executives to lead the company, while Timken family members served as chairmen. Timken and James W. Griffith, president and CEO, 51, will split responsibilities in the office of the chairman.

“It is a different structure than we’ve been operating under,” Timken said. While Griffith will hold the daily operational responsibilities, Timken will move to an oversight role, continuing his responsibilities in governmental and community affairs.

The new chairman’s vision for the company “centers around creating value for our customers by leveraging our expertise,” Timken said.

His uncle and predecessor had said that the company would keep its global headquarters in Canton while he was in office, and “I don’t see any reason why we would change that,” the new chairman said.

Griffith said recent changes in Ohio taxes aid that kind of decision. Making Ohio more attractive to businesses is government reinforcement “when your heart says you want to be here.”

Timken also said the company is invested in the community, as he was brought up to be.

“I was raised in a family that has always believed in giving back to the communities in which we operate,” he said.

Robert W. Mahoney, chairman of the Timken board’s governance committee and retired chairman of Diebold, said Timken has been prepared for his new role.

“The new chairman’s track record at Timken suggests a new legacy of leadership is in the offing,” Mahoney said in a statement. “Tim Timken provided strong leadership to the Steel Group and has been a valued member of the board for the past three years. He has earned our respect, and we are confident that Tim will carry on the highly successful transformation of the company.”

Before leading the Steel Group, Timken served as a corporate vice president in the office of the chairman, and played a key role in the 2003 acquisition of The Torrington Co., the largest in Timken’s history. He also has held key positions with the company’s operations in Europe.

Timken holds a bachelor’s degree in marketing from Georgetown University and a master’s degree in business administration from the University of Virginia.

The outgoing chairman said, “I leave The Timken Company with a sense of pride and a tinge of sadness after an affiliation of more than 47 years. However, I have great faith in the new leadership and an excellent board of directors. I am confident this company is poised for continued strong growth.”

Mahoney said W.R. Timken Jr. was a “visionary” leader as chairman for more than 31 years. “Under his leadership, the company has grown six-fold and become a global leader in both the bearing and alloy steel industries,” Mahoney said.

Taking over as president of the Steel Group is Salvatore J. Miraglia Jr.

Griffith said Miraglia has a “unique perspective that melds manufacturing and technology.”

He began with the company in 1972 and held various positions in the bearing and steel businesses. In 1989, he was named director of steel manufacturing, and, in 1993, vice president of steel manufacturing. He had leadership roles in the bearing business before being elected senior vice president of technology and an officer of the company in December 1999.

A native of East Stroudsburg, Pa., Miraglia earned a bachelor’s degree in metallurgy and material science from Lehigh University and a master’s degree in metallurgy and material science from Case Western Reserve University.

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cantonrep.com: "Timken names new chairman"

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