The Timken Company Approaches Millennium with New Leadership
5 November 1999
The Timken Company Approaches Millennium with New LeadershipCANTON, Ohio, Nov. 5 -- The Timken Company's board of directors today elected James W. Griffith president and chief operating officer of the company. He also was elected a director. (Photo: http://www.newscom.com/cgi-bin/prnh/19991105/CLF011 ) "Jim has been chosen by the board of directors to play the key role of leading The Timken Company into its second century. We are all excited about the opportunities ahead," said W. R. Timken, Jr., chairman and chief executive officer. "Jim has been involved in a series of major growth and rationalization initiatives throughout the company. He has consistently employed the broad perspective required to lead a global organization in an intensely competitive manufacturing environment." Prior to this election, Mr. Timken had served as president since 1997. This is the first step in a series of changes coming over the next several months that will result in a new organizational structure designed to position the company for accelerated profitable growth. "The timing of these changes also will take advantage of the pending normal retirements of four key executives scheduled during the year 2000," said Mr. Timken. Those individuals are Larry R. Brown, Robert L. Leibensperger, John J. Schubach and Thomas W. Strouble. Under the new structure, the following executives will report to W. R. Timken, Jr.: James W. Griffith, President and Chief Operating Officer Bill J. Bowling, Executive Vice President, Chief Operating Officer and President - Steel Larry R. Brown, Senior Vice President and General Counsel John J. Schubach, Senior Vice President - Strategic Management and Continuous Improvement Ward J. Timken, Vice President The following executives will report to James W. Griffith: Robert L. Leibensperger, Executive Vice President, Chief Operating Officer and President - Bearings Gene E. Little, Senior Vice President - Finance Stephen A. Perry, Senior Vice President - Human Resources, Purchasing and Communications "We have made steady progress toward building a firm foundation for profitable growth," said Mr. Timken. "As our next president, Jim will certainly lead the organization to higher levels of performance as we face the opportunities and challenges of the 21st century. More organizational announcements will be made in the coming weeks." Mr. Griffith, 45, 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, his most recent position. 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 ( http://www.timken.com ) is a leading international manufacturer of highly engineered bearings and alloy steels with operations in 25 countries. The company employs about 21,000 people worldwide and reported 1998 sales of more than U.S. $2.6 billion. NOTE: Certain statements in this news release are or could be construed as forward-looking. Factors that could cause actual results to differ materially from these forward-looking statements include the ability to achieve the benefits from the company's ongoing continuous improvement and rationalization programs, and changes in customer demand. Additional factors are described in the company's 1998 annual report, page 17, and in the 1998 10-K. The company undertakes no obligation to update any forward-looking statement.