Joseph F. Toot, Jr. Retires as Timken Company CEO
7 November 1997
Joseph F. Toot, Jr., to Retire as Timken Company CEO; Leaves Legacy of Performance and Growth
Messrs. Timken, Bowling, Leibensperger to Continue Company Leadership
CANTON, Ohio, Nov. 7 -- The Timken Company today
announced that Joseph F. Toot, Jr., president and chief executive officer,
will retire at the end of December.
"It is virtually impossible to overstate Joe Toot's contributions to our
company, our customers, our associates and our shareholders," said
W. R. Timken, Jr., chairman - board of directors. "He has epitomized strong,
effective leadership. Joe strengthened significantly our emphasis on
performance for our shareholders and our customers. He led the growth of the
company. He has served with great distinction and has become a nationally
recognized business leader."
Mr. Toot, 62, will continue to serve as a member of the board of directors
and as chairman of the board's executive committee. In that capacity, he will
carry out certain projects on behalf of the company.
Mr. Toot has served as president of the company since 1979 and as
president and CEO since 1992. "During the 1990s," Mr. Timken noted, "the
company's return on capital has doubled, the market value of the company has
tripled to $2.3 billion, and dividends have increased by more than 40%."
A strong believer in the skill and dedication of Timken associates, Mr.
Toot observed that "productivity, always a measure of success, has grown by
more than 40% in the 1990s which far exceeds the national average. Timken
associates have won hundreds of quality awards from customers."
Following Mr. Toot's retirement, Mr. Timken, 58, will continue as chairman
and also serve as president and CEO. Joining him in leading the company will
be Bill J. Bowling, 56, and Robert L. Leibensperger, 59. Each will take on
additional responsibility as chief operating officer. Thus, Mr. Bowling will
be executive vice president, COO and president - steel, and Mr. Leibensperger
will be executive vice president, COO and president - bearings.
"Bill and Bob have demonstrated convincingly their ability to continue
Joe's record of superior leadership," said Mr. Timken. "These are two tested
leaders. Under their direction, both our bearing and steel businesses have
set new performance standards for success the world over. They will work
closely with me in guiding the entire company as chief operating officers and
members of the office of the chairman."
Mr. Toot joined the company in 1962 in its manufacturing operations and
then concentrated on the company's business outside the United States. He was
elected a company officer in 1967 and a director in 1968.
"When Joe became president in 1979, we were barely a billion dollar
company," said Mr. Timken. "Today we are a two and a half billion dollar
enterprise and are pushing for more growth. With Joe as CEO in the 1990s, we
have expanded our reach, serving thousands of new customers in different
businesses in many more countries around the world. Joe Toot leaves a
tremendous record of success. Based on results through nine months, we expect
1997 to be another record year of financial performance."
Away from the company, Mr. Toot serves as a director of Rockwell
International Corporation. He is the former chairman of the American Iron and
Steel Institute which honored him with its prestigious Gary Medal for
distinguished service to the steel industry. He also is a director of the
U.S.-China Business Council.
Mr. Bowling joined the company in 1966. Among his many accomplishments
have been directing the design, construction and startup of the world renowned
Faircrest Steel Plant. He also has headed the company's Latrobe Steel
subsidiary and, since April of 1996, has been leading the company's Steel
Business.
"Bill has led our Steel Business to a one billion dollar enterprise," said
Mr. Timken. "He also has led the business's expansion into distribution and
international markets. In addition, he has had past experience in the bearing
business and corporate functions."
Mr. Leibensperger joined the company in 1961. Before taking his current
position in 1995, he had been vice president - technology since 1986. In that
position, he was responsible for Timken Research, one of the world's leading
industrial research organizations. He started his career with the company in
sales.
"Bob brings a unique perspective to our office of the chairman," said
Mr. Timken. "He combines indepth understanding of customer needs along with
tremendous knowledge of technology. Under his leadership, Timken Research
became much more of a customer-driven organization. And since Bob began
leading the worldwide bearing business, he has been a driver in expanding our
ability to serve customers internationally and responsible for our growth in
sales and profitability."
Mr. Timken began his career with the company in 1962 and early on had both
manufacturing and international experience. He has served as chairman since
1975 and functioned as CEO from 1979-1992.
Mr. Timken also serves on the board of Aeroquip-Vickers Inc. and Diebold
Inc. He also is a member of the executive committee of the National
Association of Manufacturers' board of directors as well as the board of
trustees of The Manufacturing Institute, and is chairman of the Ohio Business
Roundtable. He is a member of the U.S.-Japan Business Council and the Council
on Competitiveness.
"Given the blend of experience possessed by the members of our office of
the chairman, we are putting in place a senior leadership organization which
will provide continuity and a strong foundation for continued performance,"
said Mr. Timken. "This organization will serve both our shareholders and
customers very well."
The Timken Company is a leading international manufacturer of
highly engineered bearings and alloy steels. The company employs some 19,000
people worldwide and reported 1996 sales of about U.S. $2.4 billion.
SOURCE Timken Company