James W. Griffith Elected Timken Company CEO

CANTON, Ohio, July 30 The Timken Company's board of directors today elected James W. Griffith chief executive officer. He continues to serve as president and as a director.

Jim Griffith has been chosen the executive leader of The Timken Company," said W. R. Timken, Jr., chairman. "Since his elevation to president and chief operating officer almost three years ago, he has planned and implemented a successful transformation of the company under very difficult circumstances. He has developed an outstanding management team. Jim has shown the board that he is well prepared to assume primary executive responsibility for the strategy and performance of The Timken Company.

"I shall continue as chairman of the board of directors and an executive officer of the company," said Mr. Timken. "There is a growing need to further separate the role of shareholder representation and oversight from the role of direct executive responsibility for managing the business. At our company, we have long operated this way and believe our new senior leadership structure reinforces that practice.

"Jim will have final decision-making authority on all company matters except those requiring board of directors' approval," said Mr. Timken. "All business units and corporate functions will report to him. He will be responsible for the strategies, human resources, finances and performance required to achieve profitable growth and acceptable returns which meet the objectives of the shareholders while employing leadership ethical standards."

Mr. Griffith will report to W.R. Timken, Jr., as will W.J. Timken, Jr., corporate vice president - office of the chairman.

"I intend to retire at age 65 from an executive role on December 31, 2003," said Mr. Timken. "The organizational move announced today is intended to provide for the continuity of senior management which has been a key factor in the success of the company for 103 years. For most of the last 70 years, although the role of chairman has been held by a member of the Timken family, the role of chief executive has been exercised by someone other than a family member. This change continues that precedent. Our family's interest and involvement continue undiminished."

Mr. Griffith, 48, joined the company in 1984 as a manufacturing analyst - bearing operations. He has held a wide range of positions in several areas of the company, including international operations and strategic management. From 1989 to 1991 he served in Ballarat, Australia, as managing director - Australian Timken. He then returned to Canton as director - purchasing and logistics. He subsequently served as vice president - manufacturing - bearings for North and South America, and as group vice president - bearings - North American automotive, Asia Pacific and Latin America. He has served as the company's president since November 1999.

A graduate of Wallace High School in Wallace, Idaho, Mr. Griffith earned a bachelor of science degree in industrial engineering and a master of business administration degree, both from Stanford University.

The Timken Company is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, as well as a provider of related products and services. With operations in 24 countries, the company employs about 18,200 people worldwide and reported 2001 sales of U.S. $2.4 billion.